{"id":54861,"date":"2022-05-17T19:26:25","date_gmt":"2022-05-17T19:26:25","guid":{"rendered":"https:\/\/we-bc.ca\/?p=54861"},"modified":"2022-06-01T19:08:38","modified_gmt":"2022-06-01T19:08:38","slug":"free-trade-agreements-whats-in-it-for-you","status":"publish","type":"post","link":"https:\/\/blogs.we-bc.ca\/en\/free-trade-agreements-whats-in-it-for-you\/","title":{"rendered":"Free Trade Agreements: What\u2019s in it for you?"},"content":{"rendered":"\n

Planning to export? Free Trade Agreements (FTAs) can open doors of opportunities for you. They make flow of goods and services across international borders smooth and easy.<\/p>\n\n\n\n

What is the purpose of FTAs?<\/h2>\n\n\n\n

The chief goal of FTAs is to make life easier for you, the exporter or importer, by removing barriers to international trade. While the primary focus is on eliminating tariffs, it also impacts non-tariff barriers, for example, quotas, intellectual property, competition policy, etc.<\/p>\n\n\n

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Why should you care about it?<\/h2>\n\n\n\n

It not only creates more opportunities for your products and services but also creates a level playing field with your competitors. For example, if you plan to get a foothold in the Asia\u2013Pacific market, you can benefit from the Canada \u2013 South Korea Free Trade Agreement (CKFTA),<\/a> which came into effect on January 1, 2015. If you are a seafood exporter, CKFTA has eliminated tariffs on lobster (frozen) and Pacific and Atlantic salmon (fresh\/chilled\/smoked) from a rate of 20 percent. Earlier, Canadian fish and seafood exporters faced tariff highs up to 47 percent. Several BC exports including forestry, natural resources, fishing, agriculture and manufacturing benefit from the CKFTA.<\/p>\n\n\n\n

Canada has 15 free trade agreements that cover 49 countries and negotiations are going on for many others. Below are two examples of how FTA\u2019s have changed the exporting landscape.<\/p>\n\n\n\n

On November 30, 2018, Canada, the United States and Mexico signed the new Canada-United States-Mexico Agreement (CUSMA)<\/strong><\/a>, on the margins of the G20 leaders\u2019 summit in Buenos Aires. This superseded The North American Free Trade Agreement (NAFTA)<\/a>, which came into effect on January 1, 1994, and created the world\u2019s biggest free trade block. The agreement’s objectives include:<\/p>\n\n\n\n