All companies signed a contract with Korean Federation of Soybean-Curd Industry Cooperatives signifying they'll export about 275,000 bushels of "identity-preserved" soybeans to the country for the production of tofu produce.
Brushvale Seed spokesman Paul Holmen said Thursday the company is looking at the deal as a new opportunity to expand their export business.
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The contract represents a move forward for United States and South Korea relations as it is the first large purchase of identity-preserved soybeans by the Korean private soy food industry.
"They can produce a better quality tofu if the soybeans are of one variety, with special quality characteristics versus buying soybeans that may be a blend of varieties with lower quality characteristics," Holmen said.
Currently, South Korea is the United States' seventh largest trading partner and the fifth largest market for U.S. agricultural products. Yet, a trade agreement reached between the two countries in 2007 still sits before Congress waiting for approval. According to the North Dakota Trade Office, under the trade agreement two-thirds of South Korea's ag imports with the U.S. would become duty free.
Holmen said it's refreshing, though, to see some Korean businesses implement parts of the agreement, despite that it remains unsigned.
"They're beginning to operate under the spirit of the agreement, which is really nice, even though it's not officially finished," Holmen said.
SB&B Food, Casselton, SunOpta, Moorhead, Minn., and Delong Company, a Wisconsin based manufacturer, are the three partnering companies.
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