South Korea said Monday it will resume imports of Canadian beef, a move that could be worth more than $30 million a year to cattle producers.
The Canadian and South Korean governments have reached a technical agreement that will see the country import meat from cows under the age of 30 months, although there are still details to be worked out before it's finalized.
"It's just one more step back towards some semblance of normalcy," Kevin Grier, an analyst at the George Morris Centre, said. "What our packers now have is one more potential buyer and that's always good."
But he pointed out that the agreement represents $30 million -by 2015, according to the Canada Beef Export Federation -to a $5-billion industry.
South Korea is the last key Asian market to reopen its borders -closed after Canadian cases of BSE were discovered in 2003 -and lengthy discussions with the country hit a point two years ago where Canada filed a complaint with the World Trade Organization. More
The Canadian and South Korean governments have reached a technical agreement that will see the country import meat from cows under the age of 30 months, although there are still details to be worked out before it's finalized.
"It's just one more step back towards some semblance of normalcy," Kevin Grier, an analyst at the George Morris Centre, said. "What our packers now have is one more potential buyer and that's always good."
But he pointed out that the agreement represents $30 million -by 2015, according to the Canada Beef Export Federation -to a $5-billion industry.
South Korea is the last key Asian market to reopen its borders -closed after Canadian cases of BSE were discovered in 2003 -and lengthy discussions with the country hit a point two years ago where Canada filed a complaint with the World Trade Organization. More
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