Free Trade Agreement and Strategic Partnership between Canada and Korea

September 23, 2014

Free Trade Agreement and Strategic Partnership between Canada and Korea

 

Ottawa, ON – Recently, the Federal Government celebrated the signing of the Free Trade Agreement between Canada and Korea and launched a new Strategic Partnership between the two countries. These announcements came while Korean President Park Geun-hye was in Ottawa on an official state visit to Canada.

 

On March 11th, 2014 it was announced that negotiations had been completed for the text of the Canada-Korea Free Trade Agreement. On June 12th, 2014, the Minister of International Trade tabled the Text of Final Agreement in the House of Commons.

 

Upon coming into force, the Canada-Korea Free Trade Agreement will provide Canada with preferential market access to 50 million consumers. This is expected to boost the Canadian economy by $1.7 billion and increase Canadian exports to South Korea by 32%. The agreement covers virtually all sectors of Canadian-Korean trade including trade in goods and services, investment, government procurement and intellectual property as well as labour and environment cooperation.

 

Furthermore, Canada and Korea have committed to developing a new Strategic Partnership that will enhance cooperation based on the shared values of democracy, market economy, respect for human rights, and the rule of law.  The partnership will lay out strategic direction for stronger relations in key areas of common interest including energy and natural resources, science, technology, and innovation.

 

“I am pleased to see that the Federal Government has taken further action to increase trade and economic activity between Canada and Korea,” said Larry Miller, MP for Bruce-Grey-Owen Sound. “South Korea is already Canada’s third largest trading partner in Asia. This agreement will indeed support farmers and small business owners in Bruce and Grey counties through increased access to this market.”

 

For more information please visit; http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/korea-coree/index.aspx?lang=eng.

 

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