Canada-Korea Free Trade Agreement (CKFTA)
When our Conservative Government first took office, we did so with a promise to expand global trade for the benefit of all Canadians. Trade yields many opportunities for Canadians, and one in five Canadian jobs depends on exports. To date, we have negotiated numerous free trade agreements
including an agreement with the European Union, giving Canada preferential access to its lucrative 28 state market.
We have taken yet another step in fulfilling that promise as the Canada-Korea Free Trade Agreement
(CKFTA) has entered into force, furthering the priorities of Canadians. This landmark agreement represents Canada’s first free trade agreement in the Asia-Pacific region, and has already received
widespread support from Canadian businesses and stakeholders. This agreement will provide new access for Canadian businesses and workers to the world’s 15th largest
economy and the fourth largest in Asia. With South Korea’s annual GDP totalling $1.3 trillion and with a population of almost 50 million people,
CKFTA is projected to create thousands of jobs for Canadians. The agreement is also expected to boost Canada’s economy by approximately $1.7 trillion and increase Canada’s exports to South Korea by 32 percent.
Indeed, expanding trade opportunities in the region is critical to Canada’s long-term prosperity by tapping into unrealized potential to create jobs and opportunities for our businesses and workers. This
agreement eliminates tariffs for Canadian companies, improves access to South Korea’s government procurement market, facilitates the movement of people between both countries, and provides a
greater variety of goods for Canadian consumers at lower prices. In particular, Ontario stands to benefit significantly from preferred access to the South Korean market
for key sectors including aerospace, medical devices, clean technology, food manufacturing, information and communication technologies, and metals and minerals. From 2010-2012, South Korea was one of
Ontario’s largest export destination worth an annual average of almost $500.5 million. Canadians from coast to coast to coast stand to benefit from the Canada-Korea Free Trade Agreement.
Our Conservative Government’s ambitious trade plan continues to create jobs and opportunities, while helping ensure Canada’s continued prosperity.