FREE TRADE BETWEEN CANADA AND SOUTH KOREA
March 12, 2014—The Fur Institute of Canada (FIC) welcomes the announcement by Prime Minister Stephen Harper of a bilateral free trade agreement with South Korea. This agreement, once implemented, is expected to have a positive impact on the trade of fur and fur related products into Korea, particularly for the export of raw mink pelts.
The lack of a Free Trade Agreement between Canada and South Korea has resulted in a significant competitive disadvantage to Canadian wild and farmed fur in this important international market. While Canadian fur is revered as some of the most luxurious and highest quality in the world, over the course of the last two years, since the United States and the European Union ratified their Free Trade Agreements with South Korea, the demand for Canadian fur from Korean buyers has fallen substantially. Once implemented, the agreement’s elimination of the current 3 percent tariff on Canadian furskin exports will allow Canadian producers to compete on a level playing field with major competitors, such as the United States and the European Union.
The FIC sees this agreement as an important step in opening other Asia-Pacific markets for Canadian fur and fur related products. We call upon all Members of Parliament to expedite the agreement’s ratification so that we can close the competitive gap that now exists.
Source: Fur Institute of Canada