Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
Permanent Normal Trade Relations with China
House Agriculture Committee Chairman Larry Combest (R-TX) and Ranking Minority Member Charlie Stenholm (D-TX) issued the following statement regarding Permanent Normal Trade Relations with China:
China represents an agriculture market that is vital to the long-term success of American farmers and ranchers. Agriculture trade with China can strengthen development of private enterprise in that country and bring China more fully into world trade membership. Remember, U.S. agriculture exports to China were almost $2.5 billion last year and under this new agreement we expect significant growth in those exports---as much as $2 billion each year by the time the agreement is fully implemented.
This agreement means that Chinese tariffs will be reduced for beef, pork, wheat and other commodities. Improved access will be provided for cotton, corn, rice and soybeans through reform of the Chinese tariff-rate quota system. China agreed to eliminate its export subsidies and to reduce trade distorting domestic subsidies.
More than 70 agricultural organizations representing producers, processors, and exporters support this agreement and permanent extension of normal trade relations with China.
We intend to work for that goal and urge all of U.S. agriculture to join with us.