South Korea and Canada today concluded their negotiations for a bilateral free trade agreement (FTA). After it comes into effect, it’s expected to help significantly boost their bilateral trade.
The conclusion of negotiations came at the two nations’ trade ministers’ talks held in Seoul earlier in the day, according to the Ministry of Trade, Industry and Energy here.
The ministry said in a press release that at the trade ministers’ talks, the sides confirmed that an agreement has been reached for the Korea-Canada FTA after all remaining issues have been addressed.
The FTA will undergo a series of legal review by each side before it is initialed as early as in June.
The negotiations for the Korea-Canada FTA resumed late last year after a five-year hiatus. They were first launched in July 2007.
Canada has signed FTAs with nine other countries, but Korea is the first Asian country to sign an FTA with the North American nation.
The ministry also stated that the FTA with Canada will greatly help our companies secure a competitive edge in the Canadian market as the country will also be the first Asian country to sign an FTA with Canada.
Source: Busan eFM News
Photo: Yonhap News