While the Canadian dollar is declining in value Hyundai Auto Canada has cut prices by up to C$1,300 (US$1,086), citing the recent implementation of the Canada-Korea Free Trade Agreement (CKFTA).
“Hyundai is pleased to pass the benefits of this significant free trade agreement on to consumers,” said president and CEO Don Romano. “We wanted to take action quickly after the government took the first step toward removing the import duty.”
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Before the agreement, a 6.1% federal import duty was applied to the landed cost of vehicles manufactured in South Korea. The CKFTA eliminates the duty in three annual reductions with the first effective this month. Vehicles manufactured within North America are already imported to Canada duty-free due to the existing North American Free Trade Agreement.
“This is definitive proof that the Free Trade Agreement between Canada and South Korea delivers a true benefit to consumers,” added Romano.
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