Home / Knowledge / News / Textiles / Canadian textiles get improved access to Korean market
Canadian textiles get improved access to Korean market
15
Mar '14
Mr. Harper with Ms. Park Geun-hye
Mr. Harper with Ms. Park Geun-hye
Canada and the Republic of Korea have concluded negotiations for a bilateral free trade agreement (FTA) that will significantly boost trade and investment ties between the two countries. The negotiations were concluded during the visit of Canadian Prime Minister Stephen Harper to South Korea this week, where he met South Korean President Park Geun-hye.
 
Upon entry into force, the Canada-Korea Free Trade Agreement will significantly improve market access opportunities for Canada’s textiles and apparel sector by eliminating tariffs on almost all of Canada’s exports.
 
Upon the FTA’s entry into force, 99.8 percent of tariff lines will be duty-free (current duties up to 13 percent); these lines include high-tenacity yarn (current tariff of 8 percent), cotton wadding (current tariff of 8 percent) and textiles for technical uses (current tariff of 8 percent), according to Canada’s Department of Foreign Affairs, Trade and Development.
 
In 2012, Canada’s textiles and apparel exports to South Korea were worth Ca$ 18.2 million. Between 2010 and 2012, South Korean imports of textiles and apparel goods from around the world were worth an average of $10.7 billion annually. So, the FTA will provide additional export opportunities for Canadian textiles and apparel producers.
 
Reacting to the announcement of conclusion of the FTA, Elliot Lifson, president of Canadian Apparel Federation said, “The Canadian Apparel Federation applauds the Government of Canada’s achievement of a free trade agreement with South Korea featuring very progressive rules of origin. As a fast-growing economy and market of increasingly affluent consumers, South Korea has real potential for Canadian apparel exporters.”
 
The FTA with Korea is Canada’s first with an Asian market, and is expected to provide level playing field for Canadian companies competing with Korea’s other trading partners, including the United States and the European Union, who already have free trade agreements with Korea.
 
On the other hand, Canadian consumers will benefit from a greater variety of goods at lower prices, as the FTA covers virtually all aspects of Canadian-Korean trade: goods and services, investment, government procurement, environment and labour cooperation, and other areas of economic activity.
 
Korea is currently Canada’s seventh-largest merchandise trading partner and its third-largest in Asia, after China and Japan.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 28th Apr 2017

Fix 5% GST rate for textile goods: Textile bodies

Uniform levy of 5 per cent Goods and Services Tax (GST) on all...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Courtesy: Williamsburg Garment Company

Fashion | On 28th Apr 2017

'We have grown by staying small & maximising efforts'

The easiest way to go out of business is to be too big or expand too...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X