Unless Canada quickly signs a free trade deal with South Korea, industry officials fear that Canada could risk losing all of its $300 million in annual pork exports to the country, as well as its market share in other agricultural products. The fact that U.S., Europe and Chile have already signed agreements with South Korea makes the situation more critical, reports Canadian Business.
"We're on the outside at the end of a very long line of countries that will have preferential treatment," said Barry Sutton, vice-president of international sales for Maple Leaf Consumer Foods. "We're going to lose it all within 18 to 24 months without a deal."
Duties on pork entering Korea range from 22.5% to 25%, and they will start phasing out for countries who have concluded trade deals as soon as the treaty is ratified. The United States will have duty-free access by 2016.
Source: Canadian Business