Ireland to access US beef market following 16-year European ban

Global Business

A 16-year ban on European beef imports to the United States has been lifted. The ban was put in place following the mad cow disease crisis in the 1990s. Ireland is now the first country in Europe to be granted full access to the U.S. beef market, which could mean a multi-million euro boost for the Irish beef industry. CCTV’s Lourda Sexton reported this story from Dublin.

Ireland currently exports beef to over 70 markets globally, and the country’s Minister of Agriculture Simon Coveney said the trade deal with the U.S. is exciting.

Ireland to access US beef market following 16-year European ban

A 16-year ban on European beef imports to the United States has been lifted. The ban was put in place following the mad cow disease crisis in the 1990s. Ireland is now the first country in Europe to be granted full access to the U.S. beef market, which could mean a multi-million euro boost for the Irish beef industry. CCTV’s Lourda Sexton reported this story from Dublin.

“This is a market that consumes 11 million tonnes of beef every year. They import about 10 percent of that. About 1.2 to 1.3 million tonnes of beef per year,” said Coveney. “For people to understand the scale of that in terms of it’s value, a million tonnes of beef is worth about 4 billion euros, so this is a big big market.”

Beef is by far Ireland’s largest food export, the country exports about a half a million tonnes of beef every year, worth 2 billion euros ($2.3 billion), however beef prices in the European Union have remained stagnant in recent years, while U.S. prices have risen by about 15-20 percent.

“2014 was a difficult year for beef farmers in general. Prices were poor, they have improved a bit now,” Irish beef farmer Laurence Ward said. “Improving slowly, it’s strange to the extent that a lot of people would have lost a lot of money last year on beef, and this announcement and other announcements coming into China and places like that would be good announcements.”

Ireland’s agriculture minister hopes that China will become the country’s next market for beef exports.

“Our food and drink exports to China have increased tenfold in ten years it’s amazing,” Coveney said. “We are now exporting over 520 million euros ($602 million) worth of food and drink into China… This is an exciting market and we haven’t even got beef in there yet.”

Chinese veterinarians traveled to Ireland last December to inspect beef facilities and it’s anticipated that this will clear the way for exports to China by the end of the year.


Jeffrey Borneman of Rampart Portfolio discusses lifting of European beef ban

CCTV America’s Michelle Makori interviewed Jeffrey Borneman, founder of investment firm Rampart Portfolio Partners, about what the lifting of the ban will mean to European exporters. Borneman also discussed the end of the Swiss Franc’s peg to the Euro.

Jeffrey Borneman of Rampart Portfolio discusses lifting of European beef ban

CCTV America’s Michelle Makori interviewed Jeffrey Borneman, founder of investment firm Rampart Portfolio Partners, about what the lifting of the ban will mean to European exporters. Borneman also discussed the end of the Swiss Franc’s peg to the Euro.