Mining industry applauds this Spring’s Free Trade Agreement with South Korea

— Photo courtesy Government of Canada

Earlier this spring the Mining Association of Canada (MAC) commended the federal government on the signing of a new Free Trade Agreement with South Korea, an important market for Canada’s mining products.

Of specific interest to the Canadian mining industry is the agreement’s reduction in tariffs, which are currently upwards of 8 per cent for metals including iron, aluminum and nickel.

“Given the global nature of our sector, the Canadian mining industry is highly supportive of the formation of new trade agreements,” said Pierre Gratton, MAC’s President and CEO. “The mining industry welcomes today’s announced free trade agreement with South Korea given the region’s importance as a sizeable market for many Canadian mineral and metal exports.”

In 2012, the total value of Canadian mineral exports to South Korea exceeded $1.8 billion. By value, coal is the most significant mining product exported, amounting to more than $1.1 billion in 2012, followed by aluminum, copper, nickel and zinc.

“We congratulate the Government of Canada on reaching this important agreement. Today’s announcement represents a significant milestone in Canada’s continued efforts to enhance market access for our products across the Asia Pacific,” said Don Lindsay, President and CEO, Teck Resources Limited.

“Access to strategic markets and the free flow of goods is critical for the Canadian mining industry’s ability to compete on the world stage. We encourage the federal government to continue with its active trade agenda through negotiating and, where possible, finalizing free trade agreements, double taxation agreements and foreign promotion and protection agreements with other emerging markets,” said Gratton.