Canada-Korea Free Trade Agreement (CKFTA)
The CKFTA entered into force on January 1, 2015. This landmark agreement constitutes Canada’s first free trade agreement in the Asia-Pacific region and provides new access for Canadian businesses and workers to the world’s 15th-largest economy and the fourth-largest in Asia. In fact, the Canada-Korea Free Trade Agreement is projected to create thousands of jobs for hardworking Canadians by boosting Canada’s economy by $1.7 billion and increase Canadian exports to South Korea by 32 percent. South Korea is not only a major economic player in its own right and a key market for Canada; it also serves as a gateway for Canadian businesses and workers into the dynamic Asia-Pacific region as a whole.
On December 3, 2014, the Honourable Ed Fast, Minister of International Trade, announced that the Canada-Korea Economic Growth and Prosperity Act had received royal assent. With all domestic procedures required to implement the CKFTA in both countries completed, the Agreement entered into force on January 1, 2015
“Cereals Canada strongly supports the trade agenda pursued by the Government of Canada. The future prosperity of this critical sector of the Canadian economy depends on free and predictable markets to international markets. This first agreement in the critical Asia Pacific region will help open up this important and growing market.
What people are saying about it.
“The opening of new markets will not only benefit farmers and industry in the short term but will make Canada the key choice for investment in innovation and development, increasing our competitive advantage in the long-run.”
“This is huge news for the entire barley value chain. The CKFTA will allow Canadian industry and farmers to take advantage of increased export opportunities and further develop our export presence in Asia. South Korea is a priority market for our industry. Quick implementation of this agreement will increase our competitive edge in accessing this market.”