WINNIPEG — Canada and South Korea have signed a free trade agreement that will “increase the prosperity of both countries,” according to a joint release.
The agreement was signed by prime minister Stephen Harper and South Korean president Park Geun-hye while Park was in Ottawa for a state visit.
The deal was first announced in March 2014, and must still be ratified by the legislatures of each country before going into effect.
The agreement covers many sectors and aspects of trade, and will reportedly help increase Canada’s annual gross domestic production by C$1.7 billion with annual exports to Korea increasing by 30 percent. Once implemented, the agreement will see Korea remove duties on 100 percent on non-agricultural exports to the country and 97 percent of agricultural exports, while Canada will eliminate duties on approximately 99.9 percent of Korean imports.
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“We congratulate the two governments for signing the Canada-Korea Free Trade Agreement and committing to securing the approval of the members of Parliament in Canada and Korea,” Patti Miller, president of the Canola Council of Canada, said in a separate news release.
“This will put canola on equal footing with other oilseeds, improving export opportunities for both seed and oil.”
The Canadian Cattlemen’s Association also released a news release of congratulations, noting that the elimination of tariffs on Canadian beef will help put Canada back on an equal footing with the United States when selling to the country.
