In mid March, the Honourable Ed Fast, Minister of International Trade, visited NMMA member Dock Edge Inc. in Woodbridge, Ontario to learn more about how plastics and hardware exports will gain from tariff elimination.
The Minister met with businesses in various parts of the Country to discuss how the Canada-Korea Free Trade Agreement will benefit Canadian businesses and communities.
This visit was following the announcement of the signing of the Canada-Korea Free Trade agreement by Canadian Prime Minister Stephen Harper and President Park Geun-hye of South Korea. Canadian marine businesses manufacturing quality product, such as Dock Edge Inc., are well poised to take advantage of new export opportunities in South Korea that will be made possible by the new agreement.
"We expect our industry to benefit from the elimination of Korean tariffs in particular,' said Sara Anghel, Executive Director and Vice-President of Government Relations, NMMA Canada.
For boat builders in particular, tariffs on yachts, pleasure boats, rowboats and canoes currently face Korean tariffs of up to eight percent. These would be eliminated within three years of coming into force of the agreement.
According to The Economic Impact of Recreational Boating in Canada: 2012, the recreational boating industry is a significant economic driver for Canada; generating $8.9 billion in revenues, contributing $5 billion to GDP, and employing nearly 70,000 people.
NMMA Canada and Dock Edge Inc. expressed its thanks to Minister Fast and his staff for their onsite visit and support of the Canadian recreational boating industry.