Fact Sheet: “The United States and Korea concluded an agreement on April 18, 2008 to fully reopen South Korea’s market to all U.S. beef and beef products consistent with international standards and the World Organization for Animal Health (OIE) guidelines. Before the Korean market was closed to U.S. beef and beef products in December 2003, following the detection of a case of BSE in Washington State, Korea was the third largest – and growing – export market for U.S. beef and beef products with annual sales of $815 million in 2003. Once the United States-Korea Free Trade Agreement (KORUS FTA) is ratified and implemented and the current 40 percent tariff on U.S. beef is fully lifted, the FTA is expected to generate annual tariff savings of approximately $500 million a year for U.S beef exporters based on 2003 trade volumes alone. In addition, KORUS will put U.S. beef in a preferential competitive position relative to third country beef exports to South Korea.”