South Korea and Canada are all set to augment their exports by joining hands under the Free Trade Agreement (FTA).The fresh new joint declaration is all set to boost the attire and footwear trade of both the nations.
According to Canadaâ€™s Department of Foreign Affairs, Trade and Development it is the countryâ€™s first agreement with an Asian nation .They expect the pact to boost Canadian exports by 32%, adding C$1.7bn to the domestic economy. This will help the Canadian firms to participate in the business chase with chiefly South Korea, the US and the EU.
Korea, under the terms of the FTA, will grant immediate duty-free treatment to 81.9% of Canadian tariff lines, and 90.2% of non-agricultural tariff lines, including 99.8% of tariff lines covering textile and apparel products.
Meanwhile, Canada will also grant immediate duty-free treatment to 81.5% of Korean non-agricultural tariff lines. But only 5.7% of tariff lines related to apparel are expected to rise to 100% in the next three years. For footwear, duty-free treatment will be granted to 34.8% of tariff lines, with the remaining tariff lines phased out by the Canadian government within five or 11 years.
By this, the Canadian exporters will be the immediate duty-free treatment afforded to leather clothing and tanned or dressed fur skins. As for this declaration, the Ministries of both the nations have summoned the FTA as a signal of achievement which will unlock the full potential of our bilateral economic relations and provide greater opportunities for economic cooperation in areas of mutual interest
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