AreaRepublic of Korea

Commodity GroupOilseeds, oils and meals

CommodityRapeseed and rapeseed oil

Date01/10/2014

Policy CategoryTrade

Policy InstrumentBilateral trade agreement

DescriptionExempted Canadian rapeseed imports from paying import duties, and agreed to gradually phase out tariffs on crude and refined rapeseed oil.

NotesUnder the bilateral free trade agreement signed in September, the Republic of Korea is expected to remove immediately its 5% tariff on rapeseed imports from Canada, while the tariffs applied to crude and refined rapeseed oils would be phased out over, respectively, seven and three years. The Canola Council of Canada expects rapeseed/rapeseed oil shipments to the Republic of Korea to expand strongly as a result of the agreement. The two governments still have to pass the enacting legislation for this to take effect.