FOR IMMEDIATE RELEASE
January 15, 2020
CORN REFINERS APPLAUD SIGNATURE OF TRADE AGREEMENT WITH CHINA
WASHINGTON, DC – The Corn Refiners Association (CRA) today applauded the signing of a phase 1 trade agreement between the United States of America and China:
“Good news. The signing of a phase 1 trade agreement with China is a positive step forward, and hopefully a sign of good things to come for our nation’s farmers, ranchers, and agri- businesses. American agriculture and related businesses are hurting, so the promised $40-50 billion of expanded agriculture purchases outlined in this agreement are a very promising achievement,” said CRA President and CEO John Bode.
While details remain unrevealed, China and the U.S. have announced a Stage 1 agreement that includes reforms to China’s intellectual property protections, technology transfer, expanded agriculture purchases ($40-50 billion), reduced barriers to financial services, expanded U.S. import purchases (i.e. $200 billion), currency manipulation, and improved dispute resolution procedures.
U.S. corn refiners export over $2 billion in goods annually, adding $4.7 billion to the overall economy. With 15 percent of all U.S. refined corn products exported annually, and Mexico and Canada representing the two largest markets for refined corn products totaling more than $900 million in yearly exports, international trade is vital to the success of CRA members.
The Corn Refiners Association (CRA) is the national trade association representing the corn refining industry of the United States. CRA and its predecessors have served this important segment of American agribusiness since 1913. Corn refiners manufacture sweeteners, starch, advanced bioproducts, corn oil and feed products from corn components such as starch, oil, protein and fiber.