The Government Announces Latest Milestone for Canada-Korea Free Trade Agreement

Submitted by admin on Thu, 12/18/2014 - 15:43

The Honourable Ed Fast, Minister of International Trade, today announced that the Canada-Korea Economic Growth and Prosperity Act has received royal assent. This announcement coincides with the passage of the Canada-Korea Free Trade Agreement (CKFTA) ratification bill in the South Korean National Assembly yesterday, which concludes South Korea’s ratification process.

With this latest milestone, Canada and South Korea are on track to bring the agreement into force on January 1, 2015, fulfilling the commitment made by Prime Minister Harper and South Korean President Park Geun-hye in March 2014 in Seoul and in September 2014 in Ottawa.

...Nearly 90 percent of Canada’s current exports will be duty free on the day the agreement enters into force...

This has been excerpted from 3 December 2014 news release by Foreign Affairs, Trade and Development Canada.