CALGARY, ALBERTA--(Marketwired - March 11, 2014) - The Barley Council of Canada (BCC) supports the anticipated Canada-Korea Free Trade Agreement (CKFTA) as it represents significant value for Canada's barley producers and industry members.
"South Korea is a priority market for our industry," said BCC Chair Brian Otto. "This anticipated agreement will give Canada's barley value chain a competitive edge in accessing this market."
Upon implementation, the CKFTA is expected to result in substantial profits for the beef and pork industries.
"A win for beef and pork is a win for Canada's barley industry," added Otto. "Over 80 per cent of our harvested barley goes towards feed production for livestock."
The anticipated agreement is also expected to gradually remove historically high tariffs on Canada's agri-food exports. This will give malt exports a significant boost, as Canada already exports 25,000 tonnes per year on average to South Korea.
"Bilateral trade agreements are the backbone of our economy," said Otto. "The CKFTA will allow Canadian farmers to take advantage of increased export opportunities and develop our presence in Northeast Asia."
Canada is the world's fifth largest agri-food exporter in the world, generating more than $40 billion each year through its beef, malting barley, pork, wheat and canola supply.