Canada & South Korea: The Barley Council of Canada welcomes signing of Canada-Korea Free Trade Agreement

The Barley Council of Canada (BCC) is pleased with the announcement that the Canada-Korea Free Trade Agreement (CKFTA) has been signed, Marketwired reported on September 22.

The Council is now proposing quick implementation of the agreement to benefit the Canadian barley value chain.

"This is great news, as the signing of CKFTA will make Canada competitive in this gateway market," said BCC Chair Brian Otto. "We welcome the signing and are calling on the Canadian and Korean governments to move quickly and implement this agreement in early 2015."

The agreement will gradually remove historical high tariffs on Canada's agri-food exports. This will give malt exports a significant boost, as Canada already exports over 25,000 tonnes per year on average to South Korea.

"Bilateral trade agreements like this are the pillars of agriculture and our economy," said Otto. "The CKFTA will be revolutionary for Canada's barley industry-we can now expand our presence in Northeast Asia."

Upon implementation, the CKFTA is also expected to result in significant profits for the beef and pork industries.

"We're looking for sustainable results-the beef and pork industry's gains will benefit barley's feed exports as well," added Otto. "Over 80 per cent of our harvested barley goes towards feed production for livestock."

Canada is the world's fifth largest agri-food exporter in the world, generating more than C$40 billion each year through its beef, malting barley, pork, wheat and canola supply.

24 September, 2014