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Cattle group attacks FTA
4 May 2004
The Cattle Council of Australia has slammed the proposed US-Australia free trade agreement, saying it's only worth one calf a year per producer. CCA president Keith Adams told a Senate inquiry, however, that despite the industry's disappointment it would support the deal.
Under the proposed terms of the FTA, quotas on Australian beef would be eliminated after 18 years, with 70,000 extra tonnes added to the quota gradually over that time-frame. Even when the quota goes, if Australian beef prices go up by more than 6.5 per cent the US will be able to impose a tariff. Over the 18 years, the FTA will only be worth between $1.1 billion and $1.7 billion, compared with global sales of around $100 billion, the CCA said. The value to an individual producer would average about $600 per year.
Australian Financial Review, 4/5/04.
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