Canada-Korea Free Trade Agreement coming into force January 1st, 2015

The Canada-Korea Free Trade Agreement (CKFTA) will be implemented on January 1st, 2015. The free trade agreement will essentially eliminate the customs duties on all imports from Korea, either immediately upon implementation of the agreement, or through a tariff phase-out. However, there are a few exceptions for some agricultural goods. A preferential tariff treatment has been introduced as the Korea Tariff (KRT)- Code 30.

The Canada-Korea Free Trade Agreement (CKFTA) implementing legislation, Bill C-41, received Royal Assent on November, 26th, 2014.

Tariff Provisions
Entitlement to the Korea Tariff treatment is determined in accordance with the rules of origin set out in Chapter Three of the CKFTA.

Proof of Origin
The required proof of origin is the Canada–Korea Certificate of Origin, available in English, French and Korean. In order to claim the preferential tariff treatment provided under the CKFTA, importers must have in their possession the Canada–Korea Certificate of Origin completed by the exporter in Korea.

More Information
The Canada–Korea Certificate of Origin and the instructions for completing it will be made available prior to January 1, 2015, in English, French and Korean.

If you have any questions please contact your Livingston account manager.