As of today, nearly 90 percent of Canada’s current exports to South Korea are duty-free, benefiting hard-working Canadians in every region of the country
January 1, 2015 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, today marked the entry into force of the Canada-Korea Free Trade Agreement (CKFTA), Canada’s first free trade agreement in the Asia Pacific region. Hard-working Canadians will now be able to take full advantage of the benefits and opportunities the agreement creates.
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 new jobs and opportunities for South Korean and Canadian businesses, particularly small and medium-sized enterprises, as well as for investors, workers and consumers.
South Korea is a gateway to the wider Asia-Pacific region, with an advanced economy that offers Canadian companies strategic access to regional and global supply chains. Nearly 90 percent of Canada’s current exports to South Korea are now duty-free, and almost all exports will become duty-free over time.
Today’s implementation of the agreement fulfills the commitment made by Prime Minister Stephen Harper and Park Geun-hye, President of South Korea, to bring the agreement into force as soon as possible. The timeline for CKFTA implementation represents the fastest ever achieved for a Canadian free trade agreement, as it moved from signature to entry into force in just over three months.
Minister Fast will lead a trade mission to South Korea from February 8 to 13, 2015, to provide on-the-ground support to Canadian businesses as they tap into the tremendous new opportunities the agreement will create. In addition to trade missions, the government is providing a number of tools, including Go Global workshops, to ensure Canadian businesses can take full advantage of the CKFTA.
Max Moncaster
Press Secretary
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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