Skip to main content
Sister Publication Links
  • Automotive News
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • MID YEAR REPORT
    • TIRE MAKERS
    • HUMANITARIAN
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
  • Resources
    • ADVERTISE
    • AWARDS
    • CLASSIFIEDS
    • DIRECTORY
    • SHOP FLOOR
    • Best Places to Work
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
October 13, 2014 02:00 AM

Canada, S. Korea sign free trade agreement

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    MISSISSAUGA, Ontario—The governments of Canada and South Korea have signed a free trade agreement which, if ratified by the countries' respective parliaments, will phase out import duties on rubber products in both countries over five years, the Tire and Rubber Association of Canada (TRAC) said.

    If the ratification process is confirmed, TRAC said it is expected the agreement will become effective Jan. 1, 2016.

    Canada imported $171 million of tires and other rubber products from South Korea in 2013, including car and truck tires valued at $105 million.

    By contrast, Canada's exports of rubber goods to South Korea were valued at $53 million, according to TRAC, almost none of which were car or truck tires.

    If ratified, the agreement will phase in duty reductions according to various schedules. Imports of car and truck tires from South Korea are charged a duty of 7 percent, TRAC said, which would be phased out over the first five years of the agreement.

    Passenger car and truck tires exported from Canada to South Korea face an 8-percent import duty, which also would be phased out over the same five-year period.

    There are many other rubber commodities under HS code 40 from South Korea that face no import duty into Canada, TRAC said, but these same products exported from Canada to South Korea have varying levels of duty up to 8 percent net.

    Most of these will be eliminated immediately upon implementation of the agreement, TRAC said, while others will be phased out in three to five years.

    Details of the trade agreement and the schedule of proposed duty phase outs by individual commodity can be found at www.internation-al.gc.ca.

    South Korea's Hankook Tire Co. Ltd., Kumho Tire Co. Inc. and Nexen Tire Corp. have sales subsid-iaries in Canada—Hankook Tire Canada Corp. in Brampton, Ontario; Kumho Tire Canada in Mississauga, Ontario; and Nexen Tire Corp. in Markham, Ontario. All three companies are associate members of TRAC.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Pirelli won't bid for WRC tire supply contract
    2
    Canada court rules for Michelin in tire trademark case
    3
    Grupo Tersa's Valle becomes first Mexican to earn Humanitarian award
    4
    Atlantic Tire & Service founder Blackman dies at 69
    5
    TIA elects 6 new board members
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • MID YEAR REPORT
      • TIRE MAKERS
      • HUMANITARIAN
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
      • RUBBER NEWS EVENTS
    • Resources
      • ADVERTISE
      • AWARDS
        • Best Places to Work
      • CLASSIFIEDS
      • DIRECTORY
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
    • DIGITAL EDITION