Trade Agreement Between Canada And South Korea

“International exports of Canadian spirits are critical to the financial health of our spirits industry and it is essential that Canada remains at the forefront of the trade liberalization of beverage alcohol. Every bottle of spirits exported carries high-quality local cereals, be it barley, corn, rye or wheat, and is magically processed into the highest quality Canadian vodka, liqueur or whisky. A free trade agreement between Canada and South Korea is good news and offers our industry new export opportunities. Market access under the agreement will help create a level playing field for Canadian producers competing with major U.S. and European Union producers that already have free trade agreements with South Korea. Market facts, reports, events and trade offices in Korea. Text of the agreement, benefits to Canadians and customs information. “Port Metro Vancouver is very pleased with the conclusion of a free trade agreement between Canada and South Korea. This is an important step forward in the growth of trade relations between our two countries. South Korea is Vancouver`s third largest trading partner in Asia, with more than 200,000 containers a year in trade and raw materials such as prairie grains and British Columbia`s natural resources. This trade liberalization agreement will further increase $10 billion in annual bilateral trade between Canada and South Korea, create jobs and stimulate economic growth across Canada.

In all of its international trade agreements, Canada has reserved the right to maintain its system of foreign investment in telecommunications. Trade remedies are measures taken by governments to protect their domestic industries from unfair prices by foreign exporters and unfair subsidies from foreign governments. WTO rules and obligations govern the application of remedial measures and require a country to conduct a fair and transparent investigation before imposing aid for trade, i.e. special duties to compensate for the harm suffered by domestic industry. Canada and South Korea want strict provisions for notifications and disclosure of relevant laws and procedures for investigations into national trade assistance investigations. Clear rules will support a transparent and fair trading environment between Canada and South Korea. If a party loses an action against one of its actions in a commercial dispute, it may choose to comply with the decision of the mediator or arbitrator by amending or withdrawing the measure, but it is not required to do so. However, if a party does not comply with a measure that does not meet its obligations, the winning party may impose retaliatory measures or negotiate compensation.