Canada, South Korea sign long-sought free trade deal

GMT 23:48 2014 Monday ,22 September

Arab Today, arab today Canada, South Korea sign long-sought free trade deal

South Korean President Park Geun-hye (L)
Ottawa - AFP

Canada and South Korea signed a long-sought free trade deal Monday that will see the two countries remove tariffs on most products over the next 10 years.
The deal -- called "historic" by Canadian Prime Minister Stephen Harper -- was concluded in March, wrapping up a negotiating process that began nine years ago.
At a joint press conference in Ottawa, Harper and visiting South Korean President Park Geun-Hye pledged to have the agreement quickly ratified.
It is the first free trade agreement Canada has signed with an Asian country, and will see the two countries remove tariffs on more than 97 percent of products within 10 years.
The trade pact is expected to boost bilateral trade by as much as 30 percent, according to government figures.
The comprehensive accord will also lay ground rules for investment, government procurement and intellectual property, as well as labor and environment cooperation.
During Park's three-day visit, the two leaders also signed an air transport agreement allowing unlimited direct passenger and cargo flights between the two countries, and a memorandum of understanding on energy technology.
Export credit agencies, meanwhile, said they expect to see a bump in transactions in areas of agriculture, automotive, mining, oil and gas, as well as environmental infrastructure and waste water treatment.

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