Free trade agreements are an essential part of international trade, allowing countries to expand their economic activities by removing tariffs and other trade barriers. The North American Free Trade Agreement (NAFTA) was one of the most significant agreements for Canada, and now the country is exploring free trade with South Korea. In this article, we`ll explore whether there is a free trade agreement between Canada and South Korea.
Canada and South Korea signed the Canada-South Korea Free Trade Agreement (CKFTA) on September 22, 2014. After three years of negotiations, the agreement came into effect on January 1, 2015. The agreement removed or reduced tariffs on a wide range of goods and services between the two countries. It covers the following areas:
1. Agriculture and Agri-Food
2. Fish and Seafood
3. Forest Products
4. Industrial Goods
5. Automotive Products
8. Intellectual Property
9. Labor Mobility
Impact of the Canada-South Korea Free Trade Agreement
The CKFTA has had a significant impact on Canada`s economy. The agreement has allowed Canada to increase its exports of goods and services to South Korea, which has helped to increase the country`s economic growth. It has also provided Canadian businesses with greater access to the South Korean market, which has increased the number of investment opportunities for Canadian firms.
The CKFTA has also had a positive impact on the South Korean economy. It has boosted South Korean exports to Canada, which has helped to increase the country`s economic growth. The agreement has also provided South Korean businesses with greater access to the Canadian market, which has opened up new investment opportunities for South Korean firms.
In summary, there is a free trade agreement between Canada and South Korea called the Canada-South Korea Free Trade Agreement (CKFTA). The agreement has had a significant impact on both countries` economy, boosting exports, and providing investment opportunities. The agreement covers many sectors, including agriculture and agri-food, fish and seafood, forest products, industrial goods, and more. The CKFTA is a testament to the importance of free trade agreements in promoting economic growth and expanding international trade opportunities.