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May 2001
The Korean
Beef Market:
The
Uncertain Impact of WTO Liberalization
Korea’s domestic beef industry is still reeling from the late 1990's Asian financial crisis, yet is about to receive a $1.8 billion domestic assistance package as it struggles to bring its beef import market into compliance with WTO guidelines. At the same time, Korea's beef imports have continued to grow and are currently forecast to provide a record 60% of domestic consumption for 2001. Yet despite these indicators, the situation for U.S. beef exports to Korea in 2001 is uncertain as there are indications that the Korean Government may continue to propose measures that are not in conformity with the WTO ruling, exchanging one set of import controls for another.
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For more information, contact the Dairy, Livestock and Poultry Division, Foreign Agricultural Service.
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