The conclusion of negotiations between Canada and South Korea on a free trade agreement means there will be more canola from our country headed to northeast Asia in the coming years.
Canadian Canola Growers Association CEO Rick White says this is a result of the playing field being leveled in the South Korean market.
“This deal is especially important to Canada, with South Korea having already concluded Free Trade Agreements with the EU, Chile, Australia and the U.S.,” said White. “Until today we’ve been at a competitive disadvantage versus other oilseeds.”
Canola exports to South Korea in recent years have ranged from $60 – 90 – million annually, this deal is expected to double that number.
White says the growth will come from both the oil and seed exports.