Canada-Korea Free Trade Agreement settled

The Canadian spirits industry and Korea have settled negotiations for a Canada-Korea Free Trade Agreement (CKFTA).

As one of the top 10 global whisky markets, Korea boasts a consumer market of more than 50 million people as well as a “strong spirits-focused alcohol social culture”.

Spirits account for almost 70% of the total value of all Canadian beverage alcohol international exports. In 2013, international exports of spirits were worth more than half a billion dollars – 20% more than 2012.

Canadian exports have experienced a decline in recent years as a result of free trade deals that currently exist between Korea and the EU and the US.

“The elimination of the existing 20% import tariff and the formal recognition of Canadian whisky and Canadian rye whisky by Korea will provide Canadian spirits manufacturers with a real growth opportunity moving forward,” said Jan Westcott, president and CEO of Spirits Canada.

“We understand that these were extremely challenging negotiations and we wish to extend our deep appreciation to Prime Minister Harper and Minister Fast, as well as to the department of foreign affairs, trade and development officials for their perseverance at the table and ensuring Canadian interests were protected,” he added.