NMMA backs new Canada-South Korea free trade agreement
Published: Monday, 17 March 2014
By Craig Ritchie
The National Marine Manufacturers Association Canada (NMMA Canada) has thrown its support behind the Canada-Korea Free Trade Agreement (CKFTA), signed in Seoul by Canadian Prime Minister Stephen Harper and South Korean President Park Geun-hye earlier in March.
“We are pleased that negotiations for CKFTA have concluded, and members of NMMA Canada look forward to realising increased export opportunities with access to this significant Asian market as a result,” said Sara Anghel, executive director/vice-president government relations, NMMA Canada. “Canadian businesses in the recreational boating industry are recognised for producing innovative and high-quality product. We expect our industry to benefit from the elimination of Korean tariffs in particular.”
The deal is expected to increase Canadian exports to South Korea by 32%, providing manufacturers with unprecedented access to Korea's US$1.1–trillion economy and consumer marketplace of 50 million people. Tariffs on yachts, pleasure boats, rowboats and canoes currently face Korean tariffs of up to 8%. These would be eliminated within three years of the agreement coming into effect.
According to The Economic Impact of Recreational Boating in Canada: 2012, the recreational boating industry is a significant economic driver for Canada, generating C$8.9bn in revenues, contributing $5bn to GDP and employing nearly 70,000 people.