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Korean FTAs in Effect

The Effectuation of the Korea–Canada FTA

The Korea-Canada Free Trade Agreement (FTA) went into effect on January 1, 2015

Canada, which is the 12th country to reach an FTA with Korea, is the world’s 11th largest economy and a member of G8. As Asia’s first country to reach an FTA with Canada, Korea will secure competitiveness in the Canadian market. Since Canada is rich in resources including petroleum, natural gas and uranium, the bilateral FTA will help Korea to secure the resources and the Korean companies to enter the Canadian market for energy and resource development.

Significance of the Agreement
  • Strengthening complementary economic structures

    The FTA with Canada is predicted to provide us with opportunities to increase the trade of our main export items including automobiles, auto parts, electronic machinery and steel products with Canada and to secure stable sources of resource supplies as the country is our main energy provider

  • Enlarging various business opportunities and expanding cooperation

    Even though Canada is one of the G8 member states and has great potential for economic cooperation with us as the 11th largest economy in the world (as of 2013, IMF), it currently remains only our 25th largest trading partner as of 2013. In this regard, the FTA with Canada is expected to strengthen bilateral cooperation in various fields.

  • Laying a stable foothold for advancing into the North American market

    The Korea–Canada FTA laid a stable foothold for us to advance into the North American market, one of our main export markets. In particular, as Canada has signed its first FTA with an Asian country, it will contribute to securing the competitiveness of Korean products in the Canadian market.

The information above is provided only as a reference for users and we are not legally liable for the errors in the content or the consequences of use of the information.
Please use the information above for reference purposes only and confirm the final information with relevant domestic law or administrative agencies.

The information above is provided by the Korea International Trade Association.

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