Canada-Korea sign historic Free Trade Agreement

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Ottawa: Canada and the Republic of Korea have concluded negotiations for a bilateral free trade agreement that will significantly boost trade and investment ties between the two countries, creating jobs and opportunities for Canadians in every region of the country. Announcement to this effect was made on Mar 11by PM office.
“The Canada–Korea Free Trade Agreement will create jobs and opportunities for Canadians across the country. Not only will it benefit Canadian consumers, it is good news for farmers, the aerospace industry and the chemicals sector, to name a few. Canadian businesses, investors and consumers in every province stand to benefit significantly from the increased market access that the Agreement will provide,” said Stephen Harper after the agreement.
The Free Trade Agreement, Canada’s first with an Asian market.The Agreement eliminates tariffs and reduces non–tariff measures that hinder market access for Canadian exporters and investors in Korea, bringing transparency and predictability to the business environment. Once the Agreement is fully implemented, Korea will remove duties on 98.2 per cent of its tariff lines, covering virtually all of Canada’s imports.
Ottawa might be elated over this new agreement, but many businesses, especially the ones in Auto trade are skeptical about the benefits of this agreement.
Christy Clark’s government has welcomed the agreement. “British Columbians gave us a mandate to strengthen the economy. A free trade agreement with South Korea will directly result in economic growth and jobs in B.C.,” said Christy Clark. “This deal will hopefully be the first in a series of trade agreements, creating new opportunities with our other priority markets in Asia.”
“With our competitive advantages and with a level playing field, we know that B.C. can compete and win in South Korea and the Asia Pacific,” said Teresa Wat, Minister of International Trade and Minister Responsible for the Asia Pacific Strategy. “And those benefits will be realized as we continue to diversify our international trade and open new markets for our businesses, workers and investors.”