Canada Wood highlighted the importance of Korean wood market at the BC-KOREA Trade & Investment Forum
Tai Jeong, Country Director of Canada Wood Korea participated in the BC-KOREA Trade & Investment Forum held on June 3, 2015 at Hilto Vancouver Metrotown and made a presentation on Canadian Government and Industry effort to expand forest and wood products market opportunity in South Korea. Canada Wood Korea leaded South Korean wood industry represenatives and assited them to provide presentations on WFC and wood products market for the BC industry.
With the Canada-Korea Free Trade Agreement implemented from January 1st, 2015, Canada predicts that the exports of goods and services to South Korea will increase by as much as 32% and boost Canadian GDP by $1.7 billion annually. And BC province is expecting that over 50% of Canada’s exports to South Korea will be orginated from BC province.
South Korea imports 90% of its wood products and, in 2014, South Korea imported $212 million in wood products and $117 million in pulp and paper products from BC province. Owing to CKFTA, export tariff of 5% on lumber product will be eliminated in 2 years by 2017 and that of 8% on engineered wood products (OSB and glulam) will be eliminated in 10 years by 2025.
CKFTA alos deals with strong provisions on non-tariff measures which will eventually strengthen maket access and ease trade barriers to South Korea.