After almost a decade and 14 rounds of negotiations, Canada and Korea arrived on terms that were acceptable to both sides and signed a free trade agreement. The Canada-Korea Free Trade Agreement (CKFTA) is the first of its kind. In fact, it marks Canada’s first deal with an Asia-Pacific country.
While the automotive industry is not enthusiastic about the newly signed CKFTA, other sectors are positive that the new agreement will not only bring new trade partners, but create new jobs all over the country. Most sectors, especially fossil fuels, meat, mineral oil, and cereal, are expected to benefit from this deal.
Since the free trade agreement between the United States and Korea was signed, Canada has seen a drop in exports to Korea. Experts are estimating a 32% jump in exports to the country, and say this is only the beginning. Canada’s newly forged trade relationship with Korea is expected to open doors to more FTAs with other Asia-Pacific countries.
The CKFTA covers a wide range of areas:
As a logistics expert with international experience, we’re ready to help our partners profit from the CKFTA. We can create cost-effective shipping solutions for you to anywhere in the world. Say ‘”Anyoung haseyo!” to new opportunities.