Korea, Canada agree to sign free trade agreementUpdated: 2014-03-12 10:04:00 (KST)
Korea and Canada's comprehensive trade pact goes beyond goods and services, to include investments, finance and intellectual property.
"Finalizing the FTA negotiations carries great significance, because it lays the groundwork for expanding cooperation on areas of mutual interest, including trade and investment between the two countries."
"It would create jobs and opportunities for Canadians today and just as importantly for the generations that follow."
Over the next 10 years, each side will lift tariffs on nearly 98 percent of goods.
For Korean automakers, whose products make up almost half of the nation's 10 billion U.S. dollar annual exports to Canada, the six-percent tariff barrier will be removed in two years.
This means Korean companies like Hyundai and Kia, which currently make up 12 percent of the Canadian market, will be able to make further inroads in the North American country.
While more than 2-hundred farm products, including rice are exempt from the deal, relatively high tariffs of up to 40 percent on Canadian beef and pork will be partially lifted over the next five to 15 years.
To allay concerns among Korean livestock farmers, worried about the impact of trade deals with both Canada and Australia, Seoul says it's working on measures to assist them.
Canada is now Korea's 12th FTA partner.
After the deal is signed and approved by the parliaments of each country, it is expected to go into effect next year.
"Stressing that bilateral security cooperation is as important as economic issues, Prime Minister Harper expressed support for President Park's trust-building policies towards North Korea. The two leaders then urged Pyongyang to completely and verifiably rid itself of all its nuclear arms.
Choi You-sun, Arirang News."
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Tariffs protect a country's domestic industry from cheap foreign competition. This FTA would have the opposite effect. Why import what you can manufacture domestically and that creates more national jobs in the process? This is nothing but global capitalism under the disguise of the New World Order.