Seoul, Korea
11 March 2014
Prime Minister Stephen Harper today announced that Canada and the Republic of Korea have concluded negotiations for a bilateral free trade agreement that will significantly boost trade and investment ties between the two countries, creating jobs and opportunities for Canadians in every region of the country.
The Free Trade Agreement, Canada's first with an Asian market, will create thousands of new jobs in Canada and provide Canadian businesses and workers with a gateway to Asia, enhancing their global competitiveness. It will also level the playing field for Canadian companies competing with Korea's other trading partners, including the United States and the European Union, who already have free trade agreements with Korea.
Canadian consumers will benefit from a greater variety of goods at lower prices, as the Free Trade Agreement will cover virtually all aspects of Canadian–Korean trade: goods and services, investment, government procurement, environment and labour cooperation, and other areas of economic activity.
The Agreement eliminates tariffs and reduces non–tariff measures that hinder market access for Canadian exporters and investors in Korea, bringing transparency and predictability to the business environment. Once the Agreement is fully implemented, Korea will remove duties on 98.2 per cent of its tariff lines, covering virtually all of Canada's imports.
The Canada–Korea Free Trade Agreement will benefit a wide range of sectors, including industrial goods (e.g. chemicals and plastics, information and communications technology, aerospace, metals and minerals, etc.), agricultural and agri–food products, wine and spirits, fish and seafood, and wood and forestry products. The Agreement will also benefit Canada's world–class services sector and strengthen opportunities and protection for two–way investment.
The Agreement is informed by public consultations, and reflects the views and priorities of Canadian businesses, provinces and territories, and other stakeholders. It has the support of Canadian businesses and the associations that represent them.
