Emerging markets in Asia offer immense business growth opportunities. Though United States receives the bulk of Canadian exports, Asian markets can open new doors for your international business. You can benefit immensely from the Canada – South Korea Free Trade Agreement which came into force since January this year.
Here is how you can benefit from the Canada – South Korea Free Trade Agreement:
1. The reduction of tariffs and non-tariff barriers: The agreement removes tariffs on a number of BC’s key exports. Earlier, South Korean’s tariffs were 3 times higher than that of Canada’s. With the agreement coming into effect, South Korea will remove duties on 98.2% of its tariff lines covering thousands of different products. For example, most agri-food products, icewine, cherries and berries will be duty free in the Korean market. BC’s exports including forestry, natural resources, fishing, agriculture and manufacturing will benefit from the tariff removal.
2. Improved market access: Professional, environmental and business services will now find it easier to access the South Korean market. The agreement also opens the door to take advantage of South Korean government’s procurement market.
3. Enhanced temporary entry: The Agreement gives preferential access to business visitors thereby providing easier movement of business professionals between Canada and South Korea.
4. Increased competitiveness: The agreement provides a strategic gateway for Canadian businesses to the Asia Pacific region. It will also provide a greater variety of goods for Canadian consumers and businesses at lower prices
Canada – South Korea Free Trade Agreement provides Canadian businesses with new opportunities for conducting business. It can increase your competitiveness more than you would have ever thought!
If you recognize the opportunities of importing/exporting, but you’re intimidated by the process of getting global market-ready, Women’s Enterprise Centre offers a new customized import/export advisory service. Our Trade Specialist can help you prepare an import/export plan, determine the logistics, customs and regulations requirements for your specific product and more. Learn about this service.