The Canada–Korea Free Trade agreement was announced by the Canadian government March 11.
“As Canada’s first comprehensive trade deal with an Asia-Pacific nation, the Canada-Korea Free Trade Agreement constitutes a truly historic achievement,” said Canadian Meat Council (CMC) President Arnold Drung. “As our competitors in the European Union, the United States, Australia and Chile already have agreements with South Korea, it is essential that the text of the Canada-Korea Free Trade Agreement be completed, ratified and implemented as rapidly as possible.”
Countries without a free-trade agreement are faced with a 22.5 per cent import tariff for chilled pork and a 25 percent for frozen pork.
The absence of competitive access has impacted Canada’s exports to Korea. Canada exported $233 million of pork to Korea in 2011, falling to $129 million in 2012 and to $76 million in 2013. This free trade agreement puts Canada on equal footing with competing countries like the US and Chile who already have free trade agreements in place.
“The completion of a Canada-South Korean Free Trade Agreement was of critical importance for the Canadian pork sector. Korean people recognise the quality of Canadian pork and we look forward to rebuilding market share lost in South Korea,” stated Canadian Pork Council’s (CPC) Chair Jean-Guy Vincent.
Tariffs will be phased out over five to thirteen years. As Canada’s meat processors and
exporters regain competitive access, it is projected that annual pork exports will rebound, reaching $300 million.
For an overview of the Agreement, visit Foreign Affairs, Trade and Development Canada
Should you have any questions or comments, please do not hesitate to contact us:
Jacques Pomerleau
President
Canada Pork International
+1 613 236 9886
pomerleau@canadapork.com
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