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Canada-Korea Free Trade Agreement
Transcript of Canada-Korea Free Trade Agreement
- Trade agreement between Canada and South Korea
- Covers nearly all aspects of business from trade in goods and services, investment and environment
- Canada put a deal in place to ensure that whatever special treatment other countries receive, Canada does too
-Canada will be able to engage in tariff free trading between South Korea on most goods
What is the Canada-Korea Free Trade Agreement?
Details About The CKFTA
- Non-agricultural goods
- Metals and minerals
- Chemicals and plastics
- Life sciences
- Information and communications technology
- Textiles and apparel
- Natural gas
What Items are Agreed Upon in the CKFTA?
- South Korea was Canada's 7th biggest trading partner
- Canada wasn't a major partner of South Korea but looking to break into the Aisan market
- Canada proposed the CKFTA and after 17 lawyer meetings the final product was produced
How Did it Come to be?
- Korea will remove 98.2% of duties
- Canada will remove 97.2% of duties
- Agreement was signed on March 11, 2014
-The CKFTA entered force on January 1st, 2015
- Around 95% of duties will be phased out immediately and the rest will be out within 5-10 years depending on the sector
Benefits for Canada
Benefits and Disadvantages
- Canada is entering the highly important Aisan market
- Canada will have tariff free trading with South Korea
- Provides employment opportunities across the nation
- It will level the playing field for Canadian investors
Benefits for South Korea
- Free trade with the natural resource rich Canadian Market
- Allow large companies such as Samsung or Hyundai to improve their profits
- More competitive prices in the North American sector
- Canadian tech companies like Blackberry won't be able to compete with cheaper Samsung or LG products
- Canada may being to outsource production
- South Korea will have to hire more employees in larger companies and there isn't many people looking for jobs with a low unemployment rate (3.2%)