March 11, 2014, Vancouver, BC - The Asia Pacific Foundation of Canada (APF Canada) welcomes the news that Canada and South Korea have successfully concluded negotiations towards the Canada-Korea Free Trade Agreement (FTA). The signing of the agreement was announced by Prime Minister Stephen Harper today following a meeting with South Korean President Park Geun-hye in Seoul.
Yuen Pau Woo, President and CEO of APF Canada, said: “We are very excited that Canada has reached a successful conclusion to its free trade negotiations with South Korea. South Korea and Canada have a long-standing history of mutual respect and cooperation, and this is an important milestone in their bilateral relations. I believe both countries will benefit greatly from the forthcoming free trade agreement.”
Canada began negotiating a free trade agreement with South Korea in 2005 after launching extensive domestic consultations. Negotiations were held again in Ottawa in March 2008, and restarted most recently in Seoul in November 2013.
South Korea is Canada’s third-largest trading partner in the Asia-Pacific region behind China and Japan, with two-way merchandise trade reaching almost C$10.1 billion in 2012. The Canada-Korea FTA is Canada’s first signed free trade agreement in Asia.
For more information on the Canada-Korea Free Trade Agreement, please visit the Foreign Affairs, Trade and Development Canada website.
About the Asia Pacific Foundation of Canada
The Asia Pacific Foundation of Canada is an independent resource for Canadians on contemporary Asia and Canada-Asia relations. As a national not-for-profit organization established by an Act of Parliament in 1984, the Foundation brings people and knowledge together to provide the most current and comprehensive research, analysis and information on Asia and on Canada’s transpacific relations. Visit APF Canada at www.asiapacific.ca.