The American Soybean Association (ASA) welcomes the conclusion of the Free Trade Agreement (FTA) negotiations between the United States and Morocco that will increase market access opportunities for U.S. farmers. Current import duties assessed include 2.5 percent on soybeans for crushing, and 22.5 percent on soybeans imported for other forms of processing. The import duty is 25 percent on soybean meal, and for high value soy protein products that are used in human food, such as soy flour, soy concentrate, soy isolates, and textured soy protein, the assessed duty is currently 75.5 percent.

"As ASA understands the agreement, the duty on soybeans for processing will be eliminated immediately, while duties on soybeans for other uses, and processed soy products, will be reduced by 50 percent in the first year of the agreement, and then phased out over the next five years," said ASA President Ron Heck, a soybean producer from Perry, Iowa. "In addition to increased market access for soy, ASA understands that U.S. poultry, pork, corn, and other agricultural products will also enjoy increased market access under the terms of the agreement."

Morocco currently imports from the U.S. 230,000 metric tons (equivalent to 8.4 million bushels) of soybeans and soybean products valued at more than $62 million annually. ASA has worked closely with U.S. trade negotiators to communicate the U.S. soybean industry’s priorities for the negotiations.

"ASA thanks the U.S. Trade Representative and U.S. Department of Agriculture negotiators for listening to the concerns of soybean producers and achieving an agreement that is beneficial to U.S. producers," Heck said. "ASA also thanks Senator Chuck Grassley (R-IA) Chairman of the Senate Finance Committee, who weighed in heavily with U.S. and Moroccan negotiators in support of big market access gains for soy and corn producers."

ASA leaders received news of the new trade agreement while in Las Vegas, Nev., for the Commodity Classic, the annual convention and trade show hosted jointly by the ASA and the National Corn Growers Association.