The federal government has tabled the final text of the Canada-Korea Free Trade Agreement.
The highlights, outlined in a news release posted here include:
- On the day the Canada-Korea Free Trade Agreement comes into force, Canadian businesses will immediately benefit from South Korea’s removal of duties on 81.9 percent of tariff lines. Once the agreement is fully implemented, South Korea will have removed duties on 98.2 percent of tariff lines.
- The Canada-Korea Free Trade Agreement is projected to boost Canada’s economy by $1.7 billion and increase Canadian merchandise exports to South Korea by 32 percent.
- Tariff elimination under the agreement will be particularly advantageous for Canadian businesses because average South Korean tariffs are three times higher than Canada’s (13.3 percent versus 4.3 percent).
- Canadian businesses will benefit from a level playing field with their competitors in the South Korean market, notably competitors from the United States and the European Union.