Market diversification is path to increased farm exports, say trade officials
U.S. food and ag exports are concentrated in four markets that generate nearly $6 of every $10 in sales, said two senior U.S. ag trade officials on Thursday. To expand sales volume, they said at a trade group meeting, new customers must be developed in countries that have been off the export radar in the past.
USDA trade nominee would pair market opening with enforcement
Asia is brimming with opportunities to win lifelong consumers of U.S. food and ag exports, said President Biden’s nominee for USDA undersecretary for trade on Thursday. At a Senate nomination hearing, Alexis Taylor said her priorities would be opening foreign markets to U.S. goods and the diligent enforcement of the rules governing trade agreements.
Biden launches non-traditional Indo-Pacific Economic Framework
The United States and a dozen nations, from Japan in the north to Australia in the south, launched the Indo-Pacific Economic Framework (IPEF) on Monday, built on common interests in the digital economy, climate change, economic resilience and clean government. "The future of the 21st century economy is going to be largely written in the Indo-Pacific — in our region," said President Biden in Tokyo.