The Canada-Korea Free Trade Agreement

Oct 11th, 2021 | By | Category: Uncategorized

The Canada-Korea Free Trade Agreement contains strict provisions on non-tariff measures that ensure that market access gains in the forestry and wood construction products sectors are not undermined by unjustified barriers to trade. For example, the agreement requires the use of internationally recognized standards (in the absence of a compelling reason) and includes strong transparency obligations that go beyond current WTO obligations. This will allow Canadians and South Koreans to collaborate on the development of regulations and technical standards and will help prevent the introduction of new technical barriers to trade, including in the forestry and wood products sectors. The results of the agreement on automotive products will create a level playing field in the South Korean market by providing comparable and, in some cases, stronger results than in other free trade agreements concluded by South Korea. As a rapidly growing economy and market with increasingly prosperous consumers, South Korea has real potential for Canadian apparel exporters. In addition, we look forward to the Government moving forward to conclude trade agreements with other priority markets in Asia, such as Japan. If individuals have disagreements, they have different ways of resolving them. They can try to negotiate with each other or, if that doesn`t work, they can get help from an impartial third party like a mediator, arbitrator or court. Trade disputes between countries work in the same way. Trade agreements include different dispute settlement mechanisms to allow governments to resolve their disputes. For example, if consultations do not resolve a problem, trade agreements offer governments the opportunity to use impartial third parties to resolve the dispute. In some cases, these third parties act like courts, in the sense that they hear evidence from both parties and end up making binding decisions. The forest sector includes wood products, including products such as cork and basketry, as well as pulp and paper. The Canada-Korea Free Trade Agreement will bring a significant benefit to Canadian wood and forest producers and exporters who wish to expand market opportunities in South Korea.

While all South Korean pulp and paper lines and the majority of other tariff lines for most-favoured-nation forest products are duty-free, South Korean softwood lumber tariff lines have significant tariffs of up to 10%, this puts Canadian exporters at a competitive disadvantage. On March 11, 2014, Prime Minister Stephen Harper and South Korean President Park Geun-hye announced in Seoul that Canada and South Korea have concluded negotiations for a new free trade agreement. . . .

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