Market Opportunity – Canada-Korea Free Trade Agreement (CKFTA)

Watch the Canadian Trade Commissioner Service highlight the advantages of the Canada-Korea Free Trade Agreement (CKFTA) for Canadian agri-food and seafood exporters.

Video transcript

[Quick, electronic music begins.]

[An aerial shot of Seoul. Text appears on a blue bar over the video.]

Text on screen: Canadian Agri-Food Trade Commissioners

[New text replaces the old text.]

Text on screen: Canada-Korea Free Trade Agreement

[Cut to Tommy Couture. Text appears on a blue bar beneath him.]

Text on screen: Tommy Couture Trade Commissioner, Agriculture and Agri-Food

Tommy Couture: The Canada-Korea Free Trade Agreement, CKFTA, is the first Canadian FTA in the Asia-Pacific region.

[Cut to a shipyard at sunset.]

That agreement has been implemented on January 1st, 2015, [Text appears.]

Text on screen: Implemented on January 1st, 2015

[Cut to factory workers handling fish.]

…and today, around 93% of the Canadian products are duty-free.

[Cut to a man operating a forklift.]

And when the agreement will be fully implemented, it will be nearly 100% of the product will be duty-free.

[Cut to an aerial view of a shipyard of shipping crates. Text covers the screen.]

Text on screen: Virtually all Canadian products duty free

[The text fades into a shot of a wheat field. Cut to wheat grains pooling in cupped hands.]

One of the advantages of that agreement is for the grain and oilseed sector.

[Cut back to Tommy Couture.]

The duties were about 400 to 500% for those commodities, so now it will be a big gain for the Canadian exporter.

[Cut to a canola field.]

Canada has exported around 100 million dollars of canola to Korea last year.

Canada has exported around 100 million dollars of canola oil to Korea last year.

[Cut to bottle of oil on a conveyor belt. Text appears.]

Text on screen: Canola exports in 2016 $100 Million

[The image switches to a factory worker at a packaging station.]

[The image changes to a hand brushing canola in a field.]

[Cut to an image of hemp seeds. Text appears.]

Text on screen: Hemp seeds exports in 2016 $43 Million

Canada exported in 2016 more than 43 million dollars of hemp seeds, so it’s a big gain.

[Cut to a fishing boat.]

The lobsters are a really good example of a good success we have had in Korea.

[Cut to fishermen pulling up a lobster trap. Cut to a timelapse of a plane being loaded.]

We have now a weekly flight leaving Halifax to Seoul, and now South Korea is used as a hub to deliver to the rest of Asia.

[Cut to an animation of the globe, with glowing lines extending out from Asia.]

As of September 30th, 2017, we have already surpassed last year’s export of live lobsters that…

[Cut to a hand grabbing lobsters in a tank. Text appears.]

Text on screen: Live lobster exports in 2017

… were more than 40 million Canadian dollars.

[The text changes.]

Text on screen: +$40 Million

[Cut to factory bins of lobsters.]

So, more than 80% of Canadian fish and seafood products entered duty-free into South Korea since the entry into force of the CKFTA.

[Cut to a fishing boat.]

[Cut to bags of sea urchins.]

Canadian sea urchin, frozen lobsters, and salmon…

[Cut to factory workers handling salmon.]

… are now entering South Korea duty-free since the entry into force of the agreement.

[Cut to a fisherman reeling in a net.]

Tariffs on live and the prepared Dungeness crab and lobsters are now gone since 2017.

[Cut to crabs in crab trap, then to a hand picking up a lobster from a tank.]

[Cut to shrimp sizzling on a grill. Then to piles of clams. Then to a tank of sea cucumbers.]

Eventually, prepared shrimp, prawn, clams, and sea cucumbers will be tariff free by 2019

[Cut to a timelapse of people walking down a market street.]

Our trade commissioner service in Seoul is working closely with Agriculture and Agri-Food Canada to help Canadian companies to take advantage of the CKFTA.

[Text covers the screen.]

Text on screen: CKFTA

[Cut back to Tommy Couture.]

I am Tommy Couture. I am a trade commissioner based in Seoul. So if you have any interest for the Korean market, make sure you give me a call.

[Cut to the Korean flag. Then cut to a timelapse of Seoul. Text appears over the screen on a blue bar.]

Text on screen: Contact us today

[The text changes.]

Text on screen: tradecommissioner.gc.ca

[Cut to the Canada wordmark.]

Text on screen: (c) Her Majesty the Queen in Right of Canada, represented by the Minister of Agriculture and Agri-Food (2017)

[The quick, electronic music fades out.]

[Fade to black.]

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