What’s the Outcome for Oilseeds?
On February 8, 2004 the United States and Australia concluded negotiations on a Free Trade Agreement (FTA), and on February 13, 2004, President Bush notified Congress of the intent of the United States to enter into an FTA with Australia. The FTA contains commitments on most agricultural products, and addresses other trade measures between the two countries as well. ——————————————————————————– Australian Commitments The current situation . . . Australia generally applies low tariffs on oilseed and product imports, and in the case of soybean and peanut oils, provides lower applied tariffs than required under its World Trade Organization (WTO) commitments. In recent years, U.S. sunflower seed entered duty-free, while peanuts, peanut oil, and soybean oil faced an import duty of 5 percent. From 2001 to 2003, the United States exported on average $52.2 million of soybean meal, $24.2 million of soy flours and isolates, and $4.4 million of
