A Farmer and cultivator in a paddy field, Gyeongju, South Korea (image: Wikimedia Commons)
OTTAWA, ONTARIO, April 11, 2014 (Korea Bizwire) – Canada’s Agriculture Minister Gerry Ritz will be in Korea next week leading a delegation of 30 agriculture associations and companies to boost trade ties. The mission comes after the conclusion of Canada-Korea Free Trade Agreement (CKFTA) negotiations announced by Prime Minister Stephen Harper and President of the Republic of Korea, Park Geun-hye, on March 11, 2014.
The large delegation includes a wide range of sector groups that will benefit from the CFKTA, including beef, pork, grains, pulses, horticulture, and processed foods. During the mission, the agriculture groups will meet with key Korean associations and industry representatives to help leverage and differentiate Canadian products relative to competitors in the market.
As Canada’s first free trade agreement in the Asia-Pacific region, the CKFTA holds tremendous potential for Canada’s agricultural exporters. With Canada’s annual agri-food and seafood exports to Korea already worth an average of $691 million from 2011 to 2013, Canada ranks as Korea’s 12th largest supplier of agri-food and seafood products. The CKFTA will further develop this trade relationship.
Following the visit to Korea, Minister Ritz will travel with industry representatives to Japan to advance Canada’s agricultural trade interests through meetings with key Japanese government officials, agriculture associations, and industry players.
Quick Facts
- The CKFTA will significantly boost Canada’s agriculture exports to Korea – with the agreement resulting in Korean tariffs eliminated on 86.8 per cent of agricultural tariff lines.
- The agreement will also benefit Canada’s beef and pork producers, providing preferential treatment and allowing Canada to compete with other beef and pork exporting countries in Korea.
- Under the CKFTA, Canada will receive immediate duty-free access on key Canadian export interests such as wheat, rye, oats, canola, maple syrup and maple sugar, ice wine, rye whisky, and frozen french fries.
Quotes
“The Canada-Korea FTA holds tremendous potential for Canada’s agricultural exporters,” said Minister Ritz. “With negotiations now complete, this mission will help build important industry-to-industry agricultural trade ties needed to gain a competitive edge in the lucrative Korean market.”
- Agriculture Minister Gerry Ritz
Associated Links
Canada-Korea Free Trade Agreement webpage: http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/korea-coree/index.aspx?lang=eng
Source: Agriculture and Agri-Food Canada (via Marketwired)
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