Canada-Korea Free Trade Agreement (Cfta)

The Canada-Korea Free Trade Agreement (CKFTA) is a bilateral free trade agreement between Canada and South Korea that was signed on September 22, 2014. This agreement eliminates tariffs on a wide range of goods and services, and it is expected to boost trade between the two countries by $1.7 billion annually.

The CKFTA has been in effect since January 1, 2015, and it covers a wide range of sectors, including agriculture, forestry, and fisheries. Under the agreement, Canada will be able to export more beef, pork, canola, and wheat to South Korea, while South Korea will be able to export more automobiles, auto parts, and electronics to Canada.

One of the key benefits of the CKFTA is that it will open up new markets for Canadian businesses, particularly in the agricultural sector. South Korea is a major importer of beef, and the CKFTA will give Canadian beef producers access to a market worth over $650 million per year. In addition, Canadian pork producers will have access to a market worth over $250 million per year, and Canadian canola producers will have access to a market worth over $90 million per year.

The CKFTA will also benefit Canadian businesses in other sectors, such as manufacturing and services. South Korea is a major producer of electronics, and the CKFTA will make it easier for Canadian companies to import Korean-made electronics, such as smartphones and televisions. In addition, Canadian companies that provide services, such as engineering or consulting, will have greater access to the South Korean market.

Overall, the CKFTA is a significant achievement for Canada and South Korea, as it will strengthen the economic ties between the two countries and create new opportunities for Canadian businesses. The agreement is expected to have a positive impact on both countries` economies, and it will help to promote free and open trade in the Asia-Pacific region.