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| Korean manufacturers present products to Canadian retailers at an export consultation session hosted by the Korea International Trade Association, in Toronto on Thursday. (KITA) |
Local small and mid-sized enterprises are busy trying to enter Canada, the nation’s eight-largest export market, which just became more attractive following the latest signing of a free trade pact with South Korea.
Once the deal goes into effect, tariffs on almost all products traded between the two countries will be eliminated within 10 years.
To help Korean vendors make inroads into Canada, the Korea International Trade Association on Wednesday launched an export consultation session for more than two dozen exporters.
About 50 Canadian retailers, including Loblaw, Metro and Sobeys, joined the two-day event for business opportunities.
“I expect that the tariff cuts will give Korean SMEs a chance to debut their innovative and quality products in the North American retail market,” KITA chairman Han Duck-soo said in his opening remarks.
The consultation session ended in success, with Korean participants signing $15 million worth of contacts for exports, KITA officials said.
They added that South Korean food, beauty and heath products are expected to see rising demand in North America, according to a recent survey on global consumer trends.
Canada is one of the world’s top 10 in terms of trade volume, but its ties with Korea have not been as strong, with mutual trade reaching just around $10 billion, mostly because Canada depends heavily on regional trade partners.
“This is why industry watchers suggest that SMEs producing quality goods turn to North America,” a KITA official said.
Korea, which currently has FTAs with both the U.S. and Canada, is now expected to have easier access to the North American continent, which has a combined GDP of $17 trillion.
By Seo Jee-yeon (jyseo@heraldcorp.com)
