Canola farmers welcome today’s announcement on the successful conclusion to the Canada-Korea Free Trade Agreement negotiations.
“South Korea is an important export market for canola and we applaud the Government of Canada for bringing this agreement to conclusion,” says Rick White, CEO of the Canadian Canola Growers Association. The signing of this agreement will ensure that Canadian canola products entering South Korea receive the same tariff advantages as competing products from countries such as the U.S. and Australia.
“This deal is especially important to Canada, with South Korea having already concluded Free Trade Agreements with the EU, Chile, Australia and the U.S.,” says White. “Until today we’ve been at a competitive disadvantage versus other oilseeds.”
In recent years, canola exports from Canada to South Korea have ranged between $60-90 million annually. “It is anticipated that a free trade agreement with South Korea could double our exports, with growth coming from both oil and seed exports,” says White.
Canola farmers rely heavily on international markets. The successful conclusion to the Canada-Korea Free Trade Agreement represents a significant opportunity to increase existing canola oil exports, to build new market opportunities for canola seed and to continue the pace of growth and investment in Canada’s canola sector.
The Government of Canada has taken many positive steps to build a strong export portfolio for Canadian agri-food products. Negotiating a trade agreement with South Korea is one more step in enhancing market access for Canadian agri-food products.
CCGA represents more than 43,000 canola farmers on national and international issues, policies and programs that impact farm profitability.
Source: Alberta Canola Producers Commission