USSEC Korea Hosts Roundtable on Argentine DETs
- General News
USSEC Korea hosted a roundtable on Argentine Differential Export Taxes (DETs) on April 22. The objective of the roundtable was to review the impact of Argentine DETs on the Korean soybean oil market, to seek possible options to correct market distortion caused by DETs, and to develop a consensus among the Korean crushing industry to get DETs addressed. USSEC invited North American Oilseed Processing Association (NOPA) to the roundtable to ask them to take an active role in building a global alliance in presenting this issue to the World Trade Organization (WTO). Several representatives from the Korean crushing industry also participated in the roundtable, including In Woo Lee, Chairman of KSPA and CEO of Sajo Haepyo Corp.; Jin Hyun Kim, Executive Vice President of CJ CheilJedang Corp.; along with staff from both companies. Paul Burke, USSEC North Asia Regional Director and representatives from the FAS post in Seoul, also participated.
KSPA’s In Woo Lee greeted attendees, and Jun Chul Choi from CJ Cheiljedang Corp. briefed participants on the influence of DETs on the current market situation of the local crushing industry. USSEC consultant John Baize and Tom Hammer, NOPA CEO, elaborated on the impact of Argentine DETs on the crushing industries of Korea and other countries. USSEC consultant Dr. Cheong suggested possible options for the Korean crushing industry to deal with DETs from the perspective of international trade rules and standards. After the roundtable, KSPA hosted a dinner to thank the efforts and cooperation of USSEC and NOPA. USSEC will closely watch the EU’s decision on Argentine biodiesel before taking further action.