Ireland will be the first EU country to recommence beef exports to the US. Minister for Agriculture Simon Coveney and his Department officials deserve great credit. We have secured pole position in the race with our EU counterparts to establish a foothold in what could be a very lucrative market. We have a new opportunity at a time when US domestic beef supplies are at their lowest level in two generations and farmgate prices at record highs. Patrick Donohoe goes into detail on pages 12 and 13.

Much has been made of the US being a target market for high-value cuts where Irish beef can hopefully command a premium in recognition of our grass-fed, green and natural image. It presents Bord Bia with a wonderful opportunity to reposition the image of Irish beef on the global stage.

Securing this premium position will not be easy. However, we do have a blueprint: the Irish Dairy Board (IDB) has paved the way with the Kerrygold brand, now the bestselling imported butter in the US. Potential synergies should be explored.

The challenge for the Irish beef industry will be turning US potential into a premium for Irish farmers. We must learn from the mistakes of the past and the consequences of engaging in a race to the bottom on price. For too long, even our best beef has been sold as a discounted equivalent of local product, not only in Britain but across Europe. The Scots have led the way over the years in commanding a premium in EU markets for their steak cuts. Now that we are the first country from Europe into the American market, it is time to deliver premium prices for our beef.

Of course, the top-end steak market is only part of the story. Much of our problems over the past year were caused by a depressed market for manufacturing beef. When this market is weak, it doesn’t really matter how well the steak market is performing because of the small amount of fillet and sirloin steak in an animal compared with the manufacturing forequarter beef which accounts for over half the carcase.

Getting into the Philippines last year was a great help in moving the higher-fat manufacturing beef. However, it appears that there are also exciting opportunities in the US for the higher-value leaner cuts of forequarter manufacturing beef. This opportunity may not last for ever but there is a good chance it will be there for a couple of years while US cattle numbers recover from a 50-year low.

The real long-term potential is the reduction in our dependence on the British market, which took advantage of bigger numbers coming from Ireland during 2014. If we can redirect significant amounts of manufacturing beef to markets outside the UK at better prices, our negotiating and bargaining position changes significantly.

We have the impressive sales pitch of being the first EU country approved by the demanding USDA. Forget about presenting President Obama a bowl of shamrock on St Patrick’s Day, give him a steak instead. Tell the American people it is available in a store near you and if you prefer a quality, grass-fed, hormone-free burger, then we can do that too.

Political pressure must continue as the devil will be in the detail. Pressure must be kept on to ensure regulatory measures are not used to restrict imports in what may appear to be an open market. The US has shown itself to have real pedigree in this area. We only have to look to the dairy sector where the strategic management of import licences provides specific protection to domestic cheddar and butter.

Gaining market access should in no way distract from Ireland’s robust defence of agriculture in the ongoing Transatlantic Trade and Investment Partnership negotiations. Let us not forget this week’s announcement is in many ways a delayed response by the US to major concessions granted by the EU in 2014 – mainly an increase on the tariff-free quota on US hormone-free beef from 20,000t per annum to 48,500t, and relaxation of the regulations around the treatment of carcases with lactic acid.