Area
Republic of Korea
Commodity Group
Oilseeds, oils and meals
Commodity
Rapeseed and rapeseed oil
Date
01/10/2014
Policy Category
Trade
Policy Instrument
Bilateral trade agreement
Description
Exempted Canadian rapeseed imports from paying import duties, and agreed to gradually phase out tariffs on crude and refined rapeseed oil.
Notes
Under the bilateral free trade agreement signed in September, the Republic of Korea is expected to remove immediately its 5% tariff on rapeseed imports from Canada, while the tariffs applied to crude and refined rapeseed oils would be phased out over, respectively, seven and three years. The Canola Council of Canada expects rapeseed/rapeseed oil shipments to the Republic of Korea to expand strongly as a result of the agreement. The two governments still have to pass the enacting legislation for this to take effect.
