Barley Council of Canada

Barley Council of Canada

December 03, 2014 16:45 ET

Barley Council Applauds Royal Assent of Canada-Korea Economic Growth and Prosperity Act

CALGARY, ALBERTA--(Marketwired - Dec. 3, 2014) - The Barley Council of Canada (BCC) applauds the federal government's announcement today that the Canada-Korea Economic Growth and Prosperity Act has received royal assent. This announcement coincides with the passage of the Canada-Korea Free Trade Agreement (CKFTA) ratification bill in the South Korean National Assembly yesterday, which concludes South Korea's ratification process.

"This is huge news for the entire barley value chain," said BCC Chair Brian Otto. "The CKFTA will allow Canadian industry and farmers to take advantage of increased export opportunities and further develop our export presence in Asia."

After today's news that the act received royal assent in Canada, the BCC is also pleased that the agreement is on track to be implemented by January 1, 2015-honouring the commitment made by Prime Minister Harper and South Korean President Park Geun-hye in March 2014.

"South Korea is a priority market for our industry," said Otto. "Quick implementation of this agreement will increase our competitive edge in accessing this market."

Upon implementation, the CKFTA is expected to result a significant boost for the Canadian beef and pork industries.

"The CKFTA will also be groundbreaking for Canada's barley feed industry," added BCC director and Animal Nutrition Association of Canada representative Henry Van de Velde. "Over 80 per cent of our harvested barley goes towards feed production for livestock, and Korea is one of the top meat importers in the world."

The CKFTA is Canada's first bilateral free trade agreement in the Asia-Pacific region and will strengthen Canada's economic ties with a key partner in this burgeoning market.

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