US, South Korea Reach Deal on US Rice Exports

The U.S. and South Korea reached a deal that will allow for $110 million worth of annual U.S. rice exports to South Korea, the Office of the U.S. Trade Representative said Nov. 19. The agreement will give access to more than 130,000 tons of U.S. rice exports each year and will ensure South Korea is transparent and predictable “around the tendering and auctioning” for U.S. rice. The deal gives the U.S. the “largest volume of guaranteed market access for rice” that it has ever had in South Korea, USTR Robert Lighthizer said. “It will prove enormously beneficial for American producers and their customers in Korea.”