LITTLE ROCK, Ark. - The Arkansas Rice Research and Promotion Board received more than $1 million in tariff rate quota (TRQ) funds generated for domestic rice research from the U.S.-Colombia Trade Promotion Agreement, which established annual increasing tariff rate quotas for U.S. rice.
"This is a great example of how trade agreements are creating a more steady and successful market for U.S. rice sales," said Arkansas Rice Producers' Group Chairman Dow Brantley, an England rice farmer.
According to the Columbia Rice Export Quota, Inc. (COL-RICE), the Arkansas Rice Research and Promotion Board will receive $1,444,599 of proceeds from the Columbia TRQ to be used on rice research projects.
"This money will further the research on rice and make sure it's a profitable crop for rice farmers in Arkansas," said Rich Hillman of Carlisle, Chairman of the Arkansas Rice Research and Promotion Board.
The total U.S. share of the net proceeds from administration of the U.S. rice TRQ in Columbia was $3.19 million, split among six rice-state boards based on each state's recent average rice production.
"The Arkansas Rice industry looks forward to putting these research funds to good use and are hopeful that more will become available in the future as this trade agreement is fully implemented," said Arkansas Rice Council Chairman Steve Orlicek of Stuttgart.
The COL-RICE organization is comprised of six rice-state research boards, the USA Rice Millers' Association, the USA Rice Merchants Association and FEDEARROZ. Only FEDEARROZ and the rice-state research boards receive distributions of COL-RICE's net auction proceeds.
(Source: Arkansas Rice Federation)