Harper Government Highlights Benefits to Newfoundland and Labrador of Canada-Korea Free Trade Agreement

News Release

Deeper trade with South Korea, a gateway to the Asia-Pacific region, will create new jobs and opportunities in Newfoundland and Labrador

March 20, 2014 St. John’s, Newfoundland and Labrador Foreign Affairs, Trade and Development Canada

Senator Norman Doyle, along with Senator David Wells, today gathered at the St. John’s Port Authority to highlight the many benefits the Canada-Korea Free Trade Agreement will bring to businesses and workers in Newfoundland and Labrador. Last week, Prime Minister Stephen Harper and President Park Geun-hye of South Korea announced the conclusion of negotiations on this new free trade agreement.

The Canada-Korea Free Trade Agreement will make Canadian exports more competitive in the South Korean market by levelling the playing field for Newfoundland and Labrador businesses that are competing against exporters from countries that already have preferential access. Newfoundland and Labrador stands to benefit significantly from preferred access to the South Korean market.

Newfoundland and Labrador’s fish and seafood exports to South Korea were worth an average of $11.7 million annually between 2010 and 2012. Canadian fish and seafood exports to South Korea face tariffs of up to 47 percent. The Canada-Korea Free Trade Agreement will create significant market access opportunities for Canada’s fish and seafood sector by eliminating South Korea’s high tariffs on all fish and seafood products.

The Canada-Korea Free Trade Agreement is a landmark achievement: it is Canada’s first free trade agreement in Asia, one of the fastest growing and most dynamic regions in the world. South Korea is not only a major economic player and a key market for Canada, it also serves as a gateway for Canadian businesses into the Asia-Pacific region.

Quick Facts

Nearly 70 percent of fish and seafood product tariff lines will be duty-free within five years and all remaining duties will be eliminated within 12 years.
South Korea is an important economic partner for Canada, with an economy of $1.1 trillion and a population of 50 million.
The Canada-Korea Free Trade Agreement is projected to boost Canada’s economy by $1.7 billion and increase Canadian exports to South Korea by 3 percent.
On the day the agreement comes into force, Canadian businesses will immediately benefit from South Korea’s removal of duties on 81.9 percent of tariff lines. Once the agreement is fully implemented, South Korea will have removed duties on 98. percent of tariff lines.
Canadian businesses will benefit from the same access to the South Korean market as their competitors, notably those from the United States and the European Union.

Quotes

“Canada stands to prosper by being well positioned in Asia. This trade agreement will tap into unrealized potential and create jobs and opportunities for our businesses and workers, particularly in the fish and seafood sector in Newfoundland and Labrador.”

Norman Doyle, Senator for Newfoundland and Labrador

“Our government is committed to expanding trade with new and emerging markets in Asia to benefit Canadian workers, businesses and industries across the country. The Canada-Korea Free Trade Agreement demonstrates our commitment to giving Canadian investors and exporters the tools they need to compete—and win—in the global marketplace to create jobs and opportunities across our country.”

Ed Fast, Minister of International Trade

“This most recent free trade agreement with South Korea demonstrates continued progress by the Canadian government in removing trade barriers that hinder Canadian companies’ competitiveness internationally. As an export-focused company, we are required to remain competitive on a global scale and we welcome the opportunity to sell more effectively into the South Korean market.”

Fraser Edison, President and Chief Executive Officer, Rutter Inc.

“We commend the efforts of Prime Minister Stephen Harper and the Government of Canada on their continued commitment to expanding Canada’s trade with other countries around the globe. Asia is the world’s fastest growing economic region, and seafood imports into this market will provide us with the opportunity to enhance our market presence throughout South Korea and all of Asia.”

Martin Sullivan, President and Chief Executive Officer, Ocean Choice International

“The South Korean market represents a significant opportunity for members of our local ocean technology cluster, represented by OceansAdvance. Our companies’ technologies are among the most innovative ocean technologies available in the global blue economy. Furthermore, Newfoundland and Labrador’s marine research and training capabilities, coupled with a profound array of R & D infrastructure, are world-renowned. South Korea’s marine research and ocean technology interests are a good fit to initiate collaboration and commerce between our respective ocean industries. As this is Canada’s first free trade agreement in the Asia-Pacific region, OceansAdvance sees this as an opportunity to explore the South Korean market, with a view toward the Asia-Pacific region as a whole.”

Barry Snow, Executive Director, OceansAdvance Inc.

Associated Links

Canada-Korea Free Trade Agreement

Contacts

Shannon Gutoskie
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332

Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade

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2016-12-14

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Harper Government Highlights Benefits to Newfoundland and Labrador of Canada-Korea Free Trade Agreement

News Release

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