Taking advantage of the recently signed Canada-Korea Free Trade Agreement (CKFTA), the B.C. Ministry of International Trade has arranged business-to-business meetings between B.C. and Korean seafood companies in Korea as part of Minister of International Trade Teresa Wat’s trade mission to China, Korea and Japan.
This is B.C.’s first seafood trade promotion event in the Korean market. The B.C. seafood delegation is using this opportunity to promote B.C.’s high-quality seafood products and to highlight the benefits of the CKFTA for the seafood sector.
The B.C. Trade and Investment Representative Office in Seoul, Korea arranged the targeted meetings, with Korean business attendees consisting of seafood importers, distributors, processors, hotels and restaurants.
The CKFTA, signed by Canada and Korea on Sept. 22, 2014, will increase B.C.’s seafood export competitiveness by removing all South Korean tariffs on fish and seafood products, which currently average 16.5%. B.C. exporters will benefit from duty-free access of nearly 70% of fish and seafood products within five years of the CKFTA coming into force, and all fish and seafood products after 12 years. This improves B.C.’s competiveness, as the United States and Europe already have free trade access into Korea.
The Ministry of International Trade and Ministry of Agriculture have been working to promote opportunities related to the CKFTA, and will be participating in the upcoming South Korea Export Opportunity seminar in Burnaby on Nov. 13, 2014.
Expanding international markets continues to be a key commitment of the B.C. government’s Agrifoods Strategy, a component of the BC Jobs Plan, with a goal to grow the agrifoods sector into a $14-billion-a-year industry by 2017.
Minister of International Trade Teresa Wat -
“These meetings are a great opportunity for B.C. businesses on this trade mission to meet face-to-face with potential buyers in Korea and promote their products. This is an ideal time for these meetings to take place, as the CKFTA will be going into effect in 2015, creating new opportunities for trade, economic development and job creation.”
Minister of Agriculture Norm Letnick -
“B.C. seafood is enjoyed worldwide as a high-quality, great tasting and sustainably harvested choice, and I look forward to more of our products being served in Korea. We continue to work with B.C. businesses and trade representatives to build on the $900 million of seafood products we export a year, to create jobs and economic activity in B.C.’s coastal communities.”
- In 2013, approximately 100 species of fish, shellfish and marine plants were produced from B.C.’s local oceans and fresh waters.
- Wholesale value of B.C. seafood products reached $1.43 billion in 2013, the second-highest level in 25 years.
- In 2013, B.C. exported 159,000 tonnes of seafood valued at almost $1 billion.
- $5.8 million in seafood products were exported to South Korea in 2013.
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For more information about B.C. trade and investment opportunities visit: http://www.britishcolumbia.ca/
Learn more about the BC Jobs Plan at: www.bcjobsplan.ca
Ministry of International Trade