The Canada-Korea Free Trade Agreement (CKFTA) will strengthen Alberta’s and Canada’s opportunity to expand trade for its agricultural products. The signing of this historic agreement with South Korea will allow canola to compete fairly with other oilseeds.
Canola oil is gaining new demand from Southeast Asia where there has been tremendous growth in population, education, wealth, living standards, and health conscious consumers. South Korea imports over 70 per cent of its food requirements to feed its 49 million people. South Korean consumers are increasingly seeking healthy foods and food attributes, where heart-healthy canola oil is an ideal fit for any type of cooking.
“The Alberta Canola Producers Commission would like to thank the governments of Canada and South Korea for persevering on this journey that started in 2005.” said Colin Felstad, Chairman of the Alberta Canola Producers Commission from his combine in Dapp, Alberta. Felstad added, “Tariffs on canola oil and seed, and years without an agreement have reduced Alberta’s and Canada’s competitiveness in South Korea.” Canola oil was a top Alberta export to South Korea valued at $12.3 million in 2012, but it shrunk to $8.4 million in 2013. The Alberta Canola Producers Commission echoes the sentiments of the Canola Council of Canada and the Canadian Canola Growers Association to enact the legislation as quickly as possible moving towards a healthy business environment for our farmers.
Source: Alberta Canola Producers Commission