December 4, 2014 – Ratification of the Canada Korea Free Trade Agreement (CKFTA) by the Korean and Canadian Parliaments will give canola exporters tariff-free access to the South Korean market.
“When this agreement is implemented, the Canadian canola industry will benefit from the elimination of canola seed tariffs and reduction of canola oil tariffs,” says Patti Miller, president of the Canola Council of Canada. “We’ll be in a much better position to compete in this important market.”
South Korea, with a population of 50 million people, is the world’s 15th-largest economy and the fourth-largest in Asia. In recent years South Korea has imported Canadian canola products valued at $60-90 million annually – consisting of seed and oil. With the agreement, export opportunities for both seed and oil are expected to increase.
The Canada-Korea Economic Growth and Prosperity Act has now received Royal Assent in Canada, coinciding with the passage of a similar bill in the South Korean National Assembly. It fulfills the previous commitment made by Prime Minister Harper and South Korean President Park Geun-hye.
Implementing the CKFTA will enable Canadian canola exporters to have access to Korea that is competitive with other exporters. It has taken a significant and sustained effort to achieve the agreement.
“It’s significant that all parties supported the timely passage of the agreement through the House of Commons,” says Miller. “The leadership shown by trade minister Ed Fast and agriculture minister Gerry Ritz has been instrumental to completing this landmark initiative.”
The CCC is a full value chain organization representing canola growers, processors, life science companies and exporters. Keep it Coming 2025 is the strategic plan to ensure the canola industry’s continued growth, demand, stability and success – achieving 52 bushels per acre to meet global market demand of 26 million metric tonnes by the year 2025.
Media may contact:
Heidi Rubeniuk, Director, Communications