South Korea Lifts Trade Barriers on French and Irish Beef

South Korea has lifted long-standing trade barriers on French and Irish beef, marking a pivotal moment for the European beef industry by granting access to one of the largest beef import markets. Initially banned due to mad cow disease outbreaks in 2000, the market has been progressively reopening over the years.

South Korea has lifted trade barriers on French and Irish beef, the country's last remaining restrictions on European Union beef exports, the European Commission said on Thursday. WHY IT'S IMPORTANT This move marks a significant development in the European beef industry, providing access to one of the world's largest beef import markets. South Korea had banned European beef in 2000 due outbreaks of bovine spongiform encephalopathy (BSE), commonly called mad cow disease. It had already reopened its market to Danish and Dutch beef five years ago.

KEY QUOTE "Today's announcement is a major step forward and the culmination of sustained action at all levels to ensure a positive outcome for European farmers," said Valdis Dombrovskis, executive vice president of the European Commission, the EU's executive arm. BY THE NUMBERS The EU exported 1.05 million metric tons of beef in 2023, and imported 289,000 tons, leading to a trade surplus of 761,000 tons for the sector. WHAT'S NEXT Dombrovskis said he would continue working with Korean authorities to lift remaining restrictions.