2005 Year in Review

Illinois Soybean Farmers Applaud Passage Of Cafta-Dr

Source: Judy Smith, Program Support Assistant, Illinois Soybean Association, Illinois Soybean Checkoff Board, 1605 Commerce Parkway, Bloomington, IL 61704, Phone: 309-663-7692, Fax: 309-663-6981, Julie Toohill at (309) 663-7692, For more information contact: Julie Toohill, (309) 662-3373, Fax: (309) 663-6981, Email: toohillj@ilsoy.org

Illinois lawmakers were instrumental in last night's U.S. House of Representatives' passage of the United States-Dominican Republic-Central American Free Trade Agreement (CAFTA-DR). The historic trade agreement between the United States, the Dominican Republic, and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua stands to benefit U.S. agriculture in general and soybean producers in particular. Economists estimate the deal could boost U.S. agricultural exports by $1.5 billion when fully implemented.

Several Illinois legislators voted in favor of the agreement, including Melissa Bean, Barrington; Judy Biggert, Hinsdale; Dennis Hastert, Yorkville; Henry Hyde, Wood Dale; Timothy Johnson, Urbana; Mark Kirk, Highland Park; Ray LaHood, Peoria; Donald Manzullo, Egan; John Shimkus, Collinsville; and Jerry Weller, Morris. The agreement passed the Senate earlier this month.

"Passage of CAFTA-DR is great news for Illinois soybean farmers," says Earl Williams, Jr., soybean farmer from Cherry Valley and Illinois Soybean Association (ISA) president. "CAFTA-DR will solidify our position as the preferred supplier of soybeans and soybean products to these nations, and I thank those Illinois legislators who supported the agreement."

The agreement, which will immediately eliminate tariffs on all soybeans and soybean products with the exception of refined soybean oil and which will see it's tariff phased out over 15 years in equal annual cuts, is on its way to the President with his signature anticipated in the near term. CAFTA-DR countries are already a large and loyal market for U.S. soybean exports. The six CAFTA-DR countries represent a growing region of 45 million people that imported $264 million in U.S. soy products during 2004.

by  Editor, theCity1.com
August 2, 2005