Agricultural Sector to Benefit from China Trade Deal
BEIJING - Governor Nixon announced Monday a multi-billion dollar trade deal with China, aiming to boost agricultural exports overseas.
The partnership between Missouri's Department of Economic Development and the Chinese government will sell $4.4 billion more Missouri goods by 2014, according to a statement released by the governor.
Missouri agricultural producers are expected to benefit most from increased export revenue. Representatives from several Missouri agricultural organizations were alongside Governor Nixon in Beijing, including the Corn Growers Association, the Soybean Association and the Beef Industry Council.
China is Missouri's third largest export market, selling just under $1 billion overseas. This deal is expected to increase export totals by $1 billion each year through 2014.
One big unanswered question remains on how the Chinese have responded to the failed "China Hub" tax credit initiative. The Missouri legislature debated the bill, but could not come to a compromise during the special session this fall.
Governor Nixon will meet with China's aviation authority Tuesday, which could hint at how the Chinese government is responding to the situation.