That is but one word associated with the sentiments Koreans and Canadians have alike after South Korea’s ban on Canadian beef of 9 years was lifted.
Among other countries that had stifled trade associating North America with the mad cow disease, the move was considered a breakthrough and success for Canadian diplomacy.
Having had the ban come into place in 2003, the 2002 numbers showed that South Korea was the fourth-largest importer of Canadian beef.
The expansion of the beef market in Canada is estimated to yield US d$40 million in sales.
Korea is already Canada’s seventh-largest partner in trade, with exports estimating $4 billion to the country.
The purpose of this achievement remains to spur economic growth within the country, and encourage investment and competition.
Keeping the mindset of profit maximization in mind, a higher quantity of beef sold enables companies to prosper and expand in their productivity and efficiency.
International Trade Minister Ed Fast has spearheaded his role and taken to his work immediately, after having been named to the cabinet 8 months ago.
In part it is due to the minister’s efforts that the change has occurred.
“I believe competition will increase and the local generic cialis market in South Korea for beef could see an increase or decrease of welfare for consumers in terms of prices and quantities,” said Ahlam Ben Khelifa, a third-year Economics major at McMaster University.
with South Korean keen to engage and increase trade, their agreement with Canada has seen various indications that free trade could be a pressing matter in the near future.
With a lack of import taxes, Canada could see an estimated influx of 33,000 job losses, with 4,000 from the auto sector, reports one Canadian Auto Worker’s study.
The import tariff of 6.1 per cent, if eliminated, could see far more Hyundais and Kias entering the Canadian market.
This in turn could mean that Korea is poised to be seen as the next Mexico, as felt by the several auto unions.
Many Canadians and Koreans have strong opinions in regards to the new change that has taken place.
Many people believe that job losses and trade imbalances are yet to come with the changes that are underway.
In addition to this, South Korean sentiments mirrored relucntance similar to Canadians.
Remaining specific and concerned with the food safety in the country, it was through degrees of negotiation that changes have come to South Korea.
Pessimism had also been expressed for any such products making their way into the market in the future.
However, though there had been desires against the 2008 decision to reopen the market to products from the US, bans and protests had taken place within the country.Having been the last major market to lift the ban, the new agreement motions for new changes to be expected with the unionized stances of several countries engaged in trade.
The gain is in larger part one that promotes political ties, but nonetheless signals for new developments that are still being negotiated.
Having made access with various Asian markets, talks continue with Japan and Singapore for new opportunities.