The Canada-Korea Free Trade Agreement (CKFTA) is Canada's first bilateral FTA in the Asia-Pacific region. The CKFTA is expected to boost Canada's economy by $1.7 billion and increase Canadian exports to South Korea by 32 percent.
For Canadian meat producers, the agreement means regaining competitive access to South Korea and boost to meat exports. Beef and pork exports are expected to rebound and surpass previous highs. South Korea's import demand exceeds $2 billion for beef and pork products annually.
"I am very pleased that the CKFTA will be in place on time to restore a competitive position for Canadian beef in the Korean market," said Dave Solverson, president of the Canadian Cattlemen's Association.