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SEOUL, July 31 (Yonhap) -- South Korea's agro-livestock industry expressed relief Thursday after the government said it has safeguarded the country's rice and beef markets in a trade deal with the United States despite strong pressure for further opening of the markets.

The relief comes as Kim Yong-beom, the presidential chief of staff for policy, said, "There will be no further opening of Korea's rice and beef markets," in a press briefing on the trade agreement reached between South Korea and the U.S.

Seoul has made a US$350 billion investment pledge and agreed to purchase $100 billion worth of U.S. liquefied natural gas (LNG) or other energy products in exchange for tariff reductions, but the trade deal does not include greater access to Korea's rice and beef markets, Kim explained.

Under the deal, the U.S. has agreed to lower its reciprocal tariffs on South Korea, initially set at 25 percent, to 15 percent and also the 25 percent duty on auto imports to 15 percent.

U.S. President Donald Trump's administration had reportedly requested that Seoul lift its import ban on American beef from cattle aged 30 months or older and expand its rice imports from the U.S.

The age restriction on U.S. beef was introduced under the Korea-U.S. free trade agreement signed in 2008 amid fears over mad cow disease, or bovine spongiform encephalopathy.

"It is true there was strong pressure to further open up our agricultural and livestock markets. ... However, it has been agreed that there will be no further opening of (Korea's) rice and beef markets considering Seoul's food security and sensitivity of the issues," the presidential official said.

South Korean trade negotiators had emphasized the fact that South Korea is already the world's biggest importer of American beef and that it has already opened its market for 99.7 percent of agricultural products from the U.S., he explained, adding their efforts "appear to have worked."

Following the announcement, an official at a local farmers' group said the farmers "welcome the government's strong will to protect the agricultural market" but will pay close attention to the details of the deal, which are yet to be disclosed.

Unlike the Korean government's announcement, Trump said in his Truth Social post that "South Korea will be completely OPEN TO TRADE with the United States" and that it "will accept American products, including Cars and Trucks, Agriculture, etc."

Local farmers had threatened to take collective action in case the Korean government agreed to further open the agro-livestock market as a bargaining chip in trade negotiations with the U.S.

Seoul is said to have initially considered making such concessions but later decided to rule out the items, setting them as a "red line."

Korea had instead considered further opening up its market for fuel crops, such as corn and other types of bioethanol, according to sources familiar with the matter.

"It is definitely an achievement for South Korea for not further opening its agricultural and livestock markets, which are politically sensitive issues," said Suh Jin-kyo, president of GS&J Institute, a research institute for the farming industry.

Source : msn