CPTPP: Could it Open Fastest Growing Economic Region to Hog Farmers?
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The National Pork Producers Council (NPPC) says it welcomes the idea of being added to the updated Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal, despite having bilateral trade deals with many of the countries.
AgDay national reporter Betsy Jibben reports that the bilateral trade deal signed between the U.S. and Japan is important for the U.S. pork industry, but Japan isn't the only country with opportunity in the Asia-Pacific.
“We really believe the U.S. needs to get back into a regional trade deal in that part of the world. It’s the fastest growing economic region in the world,” says Nick Giordano, vice president and counsel, global government affairs for NPPC. “For hog farmers, it’s really important. A country like Vietnam, a CPTPP country, has tons of potential for us.”
Vietnam has historically been largely self-sufficient in pork production, but in 2020 (through July) exports of U.S. pork to Vietnam nearly tripled year-over-year to 11,155 metric tons (mt), up 173%. Export value more than tripled to $24.2 million, up 212%. In July alone, pork muscle cut shipments to Vietnam reached a new monthly record of 2,443 mt, valued at $5.3 million, according to the U.S. Meat Export Federation.
Giordano believes it's important the U.S. gets back in the updated Trans-Pacific Partnership, especially since China and other TPP countries signed a different trade deal recently.
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