A juicy deal
Orlando Sentinel, Florida
A juicy deal
Our position: A trade agreement with South Korea would give a needed boost to Florida oranges.
21 April 2007
Sunny prospects for the state’s citrus industry are among many good reasons for Florida’s members of Congress to get behind a proposed free-trade agreement between the United States and South Korea.
The agreement would eliminate or phase out South Korea’s high tariffs on imports of U.S. orange juice, oranges and grapefruit. That would give a timely boost to Florida’s $9 billion citrus industry, still recovering from the hurricanes of 2004 and 2005.
The potential benefits for Florida and the rest of the nation go far beyond the citrus industry. The deal would expand access for other U.S. industries to South Korea’s increasingly prosperous market of 48 million people by lowering other tariffs and barriers to trade and investment between the two countries. It would create jobs and reduce prices for consumers.
International trade is a vital and growing part of Florida’s economy. Tens of thousands of state businesses sell goods and services abroad. Hundreds of thousands of state residents owe their jobs to international trade and investment.
Trade between Florida and South Korea hit $776.5 million last year, up 18 percent from 2005. If tariffs come down, those numbers almost certainly will go up. Nationally, the deal is expected to add $20 billion to the $78 billion in annual trade between the two countries.
More Florida orange juice on breakfast tables in Seoul doesn’t make the case alone for free trade with South Korea. But add other economic opportunities, jobs and lower prices, and the agreement should be easy for Congress to approve.
