Implementation of the Canada–South Korea Free Trade Agreement (CKFTA) -January 1, 2015

Dear client,

This notice is to inform you that the Canada–Korea Free Trade Agreement (CKFTA) will be implemented on January 1, 2015.

With the exception of a few agricultural goods, the CKFTA will essentially eliminate the customs duties on all imports from Korea, either immediately upon implementation of the agreement, or through a tariff phase-out.

The CKFTA implementing legislation, Bill C-41, received Royal Assent on November 26, 2014, and is scheduled to come into force on January 1, 2015.

A new preferential tariff treatment is being introduced, namely the Korea Tariff. The newly assigned tariff treatment code is: Korea Tariff (KRT) – Code 30.

The Canada–Korea Certificate of Origin is required in order to use the preferential tariff treatment. 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.

Goods may be shipped from Korea, with or without transshipment, to Canada.

An application for a refund under paragraph may be made within four years from the date the goods were accounted for and imported on or after January 1, 2015.

 

How many of your importations will be affected ?

Did you estimate what will be your duty costs on products that can benefit from this new agreement ?

Will your products be immediately free of duty or through a tariff phase out ?

Axxess International can help you to determine the impact of this new agreement CKFTA on your commercial imports.

Do not hesitate to contact our Customs Consulting Service to obtain more information or assistance.

 

Marc Filion, CCS

Director, Customs Consulting

Tél : 514-849-9377-Ext.241

Email : marc.filion@axxessintl.com

 

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