Upon entry into force, the Canada-Korea Free Trade Agreement is set to become Canada’s most significant free trade agreement since NAFTA
December 3, 2014 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, today announced that the Canada-Korea Economic Growth and Prosperity Act has received royal assent. This announcement coincides with the passage of the Canada-Korea Free Trade Agreement (CKFTA) ratification bill in the South Korean National Assembly yesterday, which concludes South Korea’s ratification process.
With this latest milestone, Canada and South Korea are on track to bring the agreement into force on January 1, 2015, fulfilling the commitment made by Prime Minister Harper and South Korean President Park Geun-hye in March 2014 in Seoul and in September 2014 in Ottawa.
The CKFTA is a landmark initiative that will strengthen trade and investment ties across the Pacific, increase the prosperity of both countries and result in job creation and enhanced opportunities for South Korean and Canadian businesses, particularly small and medium-sized enterprises, as well as investors, workers and consumers. Nearly 90 percent of Canada’s current exports will be duty free on the day the agreement enters into force.
Minister Fast will lead a trade mission to South Korea in February 2015 to help Canadian businesses tap into the tremendous new opportunities the agreement will provide.
Rudy Husny
Director of Communications
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
343-203-7700
media@international.gc.ca
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