Canada Korea Free Trade Agreement
The CKFTA is projected to boost Canada’s annual GDP by $1.7 billion and increase Canada’s annual exports to Korea by over 30 per cent. Canadian workers in sectors across every region of the country stand to benefit from increased access. The Agreement will also provide Canadian companies with a level playing field vis-à-vis their key competitors from the United States, the European Union, Australia and other countries that have concluded a free trade agreement (FTA) with Korea, as well as provide exporters, investors and service providers with strategic access to a key gateway to the wider Asia-Pacific region.
A wide range of sectors will benefit from this Agreement, including industrial goods (e.g. chemicals and plastics, information and communications technology, aerospace, metals and minerals, etc.), agricultural and agri-food products, fish and seafood products, and forestry and value-added wood products. It will also benefit Canada’s world-class services sector, strengthen opportunities and protection for two-way investment, and provide increased opportunities to access Korea’s government procurement market.
Canada Korea Free Trade Agreement – Canada Korea Free Trade Agreement 2014
Canada Korea FTA Quotes by Canadian Business Leaders – CKFTA Quotes
“Our industry depends on exports and access to international markets to remain competitive and continue creating jobs and revenues here at home. This agreement is imperative to restoring a level playing field for Canadian firms in the South Korean market, which is especially important given the considerable growth the aerospace industry will see in the Asia-Pacific region in coming years. We congratulate the Government of Canada on this achievement, and thank its representatives for their ongoing commitment to boosting Canadian competitiveness in international markets.” – Jim Quick, President and CEO, Aerospace Industries Association of Canada
“Our member companies are providing innovative, life-saving products to Canadian patients every day, but they also rely on the export of these products in order to thrive. We are confident that this free trade agreement will support and enhance the Canadian medical technology industry, which will benefit Canadian patients and contribute to increased economic growth and job creation.” – Brian Lewis, President and CEO, MEDEC–Canada’s Medical Technology Companies
“This trade agreement is of tremendous importance to the food and beverage processing sector in Ontario and across Canada. For the agri-food sector the agreement commits to eliminating nearly 87 percent of tariffs on products from Canada to Korea. An open door to Korea will offer new opportunities for Ontario food and beverage processing companies not just in Korea, but all of Asia through a network of supply chains.” – Steve Peters, Executive Director, Alliance of Ontario Food Processors
The Winery & Grower Alliance of Ontario is supportive of a Canada-Korea free trade agreement. South Korea is the second most important Asian market for Ontario wines, particularly our premium product, icewine. Such an agreement should increase the competitiveness of Ontario wines in Korea and ultimately lead to increased exports.” – Patrick Gedge, President and CEO, Winery & Grower Alliance of Ontario
“This agreement is a major win for Canada’s agri-food industry. It restores a level playing field and unlocks strong growth opportunities in an affluent South Korean market for high-quality Canadian pork and other agri-food exports. We strongly encourage the government to implement it promptly.” – Michael McCain, President and CEO, Maple Leaf Foods
“Scotiabank congratulates the governments of Canada and Korea on successfully concluding the Canada-Korea Free Trade Agreement negotiations. Scotiabank has been operating in the Asia-Pacific region for 50 years, and we welcome this first free trade agreement between Canada and an Asia-Pacific country. This is a positive step toward deeper ties in the Asia-Pacific market, and it recognizes the importance of Canada’s trade with South Korea—the 15th-largest economy in the world. The free trade agreement will provide access to the South Korean financial sector that is on par with the Korea-U.S. FTA and will result in increased investor protection for Canadian financial institutions.” – Brian Porter, President and CEO, Scotiabank
“The South Korean market represents a significant opportunity for members of our local ocean technology cluster, represented by OceansAdvance. Our companies’ technologies are among the most innovative ocean technologies available in the global blue economy. Furthermore, Newfoundland and Labrador’s marine research and training capabilities, coupled with a profound array of R & D infrastructure, are world-renowned. South Korea’s marine research and ocean technology interests are a good fit to initiate collaboration and commerce between our respective ocean industries. As this is Canada’s first free trade agreement in the Asia-Pacific region, OceansAdvance sees this as an opportunity to explore the South Korean market, with a view toward the Asia-Pacific region as a whole.” – Barry Snow, Executive Director, OceansAdvance Inc.
“The strategy to diversify the export markets of Canadian companies must be based on preferential access to large-scale markets. The free trade agreement with South Korea will give our export companies a business advantage in a country that is experiencing phenomenal growth. We congratulate the Government of Canada on this strategic move, which is a direct response to demand from the business community.” – Michel Leblanc, President and CEO, Board of Trade of Metropolitan Montréal
“During my visit to South Korea last fall, I saw first-hand how Canadian companies were losing their footing in the market to competitors from other countries. Some were even making the difficult choice to shut down their marketing offices. A free trade agreement between Canada and South Korea will help our businesses and increase growth opportunities across many industries: agri-food, aerospace, infrastructure, energy, chemicals, forestry, financial services—the list goes on. Reducing and eliminating trade and investment barriers to this market will boost exports and create new jobs for Canadians.” – The Honourable Perrin Beatty, President and CEO, Canadian Chamber of Commerce
“Asia’s rich markets are the next frontier for Canada in our quest to eliminate tariffs and non-tariff barriers to trade and investment. Canada’s free trade agreement with South Korea will be the first step in gaining much more open access for Canadian exports. This agreement should make Canada an even more attractive destination for investors and manufacturers, create jobs and opportunities for Canadians and level the playing field for Canadian businesses, making them more competitive on the global stage.” – Jayson Myers, President and CEO, Canadian Manufacturers & Exporters