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$2.7B trade pact signed by state, Taiwan growers

ST. PAUL — Gov. Tim Walz met with members of Taiwan’s agriculture industry Thursday to strengthen trade partnerships between Taiwan and Minnesota.

Members of the Taiwanese agriculture industry and Minnesota corn and soybean association representatives signed letters of intent outlining Taiwan’s intended purchases of corn and soybean products from Minnesota suppliers. The value of these purchases is estimated to be $2.7 billion.

“Taiwan is a key trading partner with Minnesota, and I’m grateful for the opportunity to build on our relationship,” Walz said. “Strong trade relationships will help Minnesota companies and producers increase their exports, strengthen our economy, and expand economic opportunities across our state.”

“Minnesota’s trade relations are critical to helping our farmers sell their products in the global marketplace,” Minnesota Department of Agriculture Commissioner Thom Petersen said. “Taiwan and Minnesota have a strong history of agricultural trade, and these agreements build on that foundation. We look forward to opening up more trade opportunities for Minnesota’s farmers and food and ag companies in the future.”

Earlier this month, Walz announced exports of manufactured, agricultural, and mining goods from Minnesota were valued at $6.7 billion in the second quarter of 2022, reaching the highest level on record. Minnesota exports grew 12 percent between the second quarters of 2021 and 2022.

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