Canada Korea Free Trade Agreement CKFTAFinal Agreement Summary. PDF Version 1 0. KbIntroduction. The Government of Canada is focused on creating jobs and opportunities for Canadians in every region of the country. The government has therefore launched the most ambitious trade plan in Canadian history. In less than seven years, Canada has concluded free trade agreements with nine countries and is negotiating with 3. In addition, Canada has announced an historic agreement in principle with the 2. European Union that will open markets in the EU and give Canadian businesses access to half a billion affluent customers, creating thousands of jobs for Canadians. Our long term prosperity depends on our ability to take advantage of economic opportunities in emerging markets. The most recent Speech from the Throne committed to expanding trade in Asia to benefit Canadian workers, businesses and industries across the country. The Canada Korea Free Trade Agreement delivers on that commitment. On March 1. 1, 2. Seoul, Prime Minister Stephen Harper and President Park Geun hye of South Korea announced that Canada and South Korea had concluded negotiations on a new free trade agreement. This landmark achievement constitutes Canadas first free trade agreement in Asia and will provide new access for Canadian businesses and workers to South Korea, the fourth largest economy in Asia, with an annual GDP of 1. The Canada Korea Free Trade Agreement will create thousands of jobs for hardworking Canadians by increasing Canadian exports to South Korea by 3. Canadas economy by 1. It will level the playing field for Canadian businesses competing with South Koreas other trading partners, including the United States and the European Union, who already have free trade agreements in place with South Korea. The Agreement will benefit workers in every region of the country by increasing sales and exports and will give consumers more choice and lower prices. South Korea is not only a major economic player in its own right and a key market for Canada it also serves as a gateway for Canadian businesses and workers to the dynamic Asia Pacific region as a whole. As a result, Canadian companies will be able to take better advantage of South Korea as a strategic base for expanding their presence in all of Asia and across its supply chains. Being well positioned in this region against our competitors is critical to Canadas own long term economic prosperity. The Canada Korea Free Trade Agreement will tap into unrealized potential and create jobs and opportunities for our businesses and workers. With more than 5. Canada and South Korea, a free trade agreement is the natural next step in a dynamic relationship between two nations committed to economic growth and development through free trade. Canada South Korea trade and investment relationship. Canada and South Korea enjoy a significant trade and investment relationship with tremendous potential for growth. South Korea is Canadas seventh largest merchandise trading partner and its third largest in Asia, after China and Japan. Project management risk, strategy and structure in the nuclear industry a historical perspective. As of the beginning of this year, the most significant elements of the Patient Protection and Affordable Care Act ACA have been implemented. Universally known as. Text Alternative. Trade and investment 2. Canadian dollarsCanadas merchandise exports to South Korea 3,7. Canadas merchandise imports from South Korea 6,3. Canadian investment in South Korea 5. South Korean investment in Canada 5,8. Text Alternative. Merchandise exports from Canada to South Korea 2. Canadian dollarsIndustrial goods 2,8. Metals and minerals included in industrial goods 2,0. Agriculture and agri food 7. Forestry and value added wood products 5. Fish and seafood 4. Fast facts South Korea. Capital Seoul. Population 5. Total area 1. 20,4. Currency Won. Languages Korean. Economic facts 2. GDP 1. 3 trillion. GDP per capita 2. GDP growth 2 percent. Inflation 2. 2 percent. Unemployment 3. 2 percent. Canada has long enjoyed positive relations with South Korea. The bilateral relationship continues to develop as South Korea becomes an increasingly important economic partner and a like minded ally in multilateral forums. As trading nations, Canada and South Korea support trade liberalization and share membership in many multilateral economic organizations, including the G 2. Asia Pacific Economic Cooperation APEC forum, the Organisation for Economic Co operation and Development OECD and the World Trade Organization WTO. Both countries also share similar views on many multilateral and global issues, including strengthening the multilateral trading system, UN Security Council reform, human rights, and nuclear non proliferation and disarmament. South Koreas economic growth in the last 3. South Koreas GDP has grown more than sixfold and experienced an average annual growth rate of 6. What are the benefits of a free trade agreement with South Korea The Canada Korea Free Trade Agreement provides new opportunities for Canadian exporters and workers across the country, which allows Canadas economy to grow and create jobs. The Agreement will create thousands of jobs and opportunities for Canadians by opening new markets to Canadian exporters and generate jobs and opportunities for Canadians in every province and territory. More than 2. 7. 8 million Canadians working in the industrial goods sector such as chemicals and plastics, information and communications technology, aerospace, metals and minerals, medical devices, and textiles and apparel, agricultural and agri food products, wines and spirits, fish and seafood, and forestry and value added wood products, will benefit from more trading opportunities and duty free access to South Korea. Canadas world class service sectors, including professional services, environmental services and business services, will also benefit from improved market access. The Agreement will also strengthen opportunities and protection for two way investment, as well as increase prospects for joint ventures between Canadian and South Korean firms, by lowering barriers to trade and facilitating the movement of business persons between the two countries. Bilateral investment plays a crucial role in facilitating job creation, spurring on creativity and technology, and linking Canada to global and regional value chains in Asia. The Canada Korea Free Trade Agreement provides preferential access to an important market in Asia. The Agreement is Canadas first free trade agreement in the dynamic and fast growing Asia Pacific region. As part of the most ambitious plan in Canadian history to open new markets, the Government of Canada is working to create deeper economic ties through trade and investment agreements in the Asia Pacific region. Being well positioned in this region is critical to Canadas prosperity, and this agreement is the first step in realizing the untapped potential in Asia. The Canada Korea Free Trade Agreements most visible benefit is the ambitious obligation undertaken by Canada and South Korea to eliminate tariffs. When the Agreement is fully implemented, South Korea will remove duties on 9. Canada will remove duties on 9. As average South Korean tariffs are three times higher than Canadas 1. Canadian businesses exporting to the South Korean market. For Canadian consumers, the elimination of tariffs under the Agreement will reduce the cost of imported products and result in lower prices and more choice. South Korea is a gateway to emerging and fast growing markets in Asia. South Korea is a gateway to the wider Asia Pacific region. With this agreement, Canadian companies will become increasingly competitive in the region, as South Korea offers strategic access to regional and global value chains. As a result of improved market access for goods, services and investment under the Canada Korea Free Trade Agreement, Canadian companies can use South Korea as a strategic base for growing their business throughout the Asia Pacific region, further increasing their global competiveness. The Canada Korea Free Trade Agreement will level the playing field for Canadian exporters and investors. The Canada Korea Free Trade Agreement will secure Canadas position in the South Korean market, where competitors like the United States and the European Union are already enjoying preferential access due to the U. S. Korea FTA KORUS and the EU Korea FTA.
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