ts industry has concluded negotiations with Korea related to a Canada - Korea Free Trade Agreement (CKFTA).Korea is among the top 10 largest global whiskey markets with more than 50 million spirit consuming population.
However, Canada has recorded a decline in spirit exports in the recent past due to the existing free trade deals with Korea, the EU and the US.
The elimination of the existing 20% import tariff and the formal recognition of Canadian Whisky and Canadian Rye Whisky by Korea will allow the Canadian spirits manufacturers to grow over the future.
Of all Canadian beverage alcohol international exports, around 70% of the total value is generated by spirits every year. The international exports of spirits in 2013 were more than half a billion dollars and were 20% more when compared to 2012.
Spirits Canada president and CEO Jan Westcott said, "We understand that these were extremely challenging negotiations and we wish to extend our deep appreciation to Prime Minister Harper and Minister Fast, as well as to the department of foreign affairs, trade and development officials for their perseverance at the table and ensuring Canadian interests were protected."
