Prime Minister Stephen Harper concluded the free trade agreement with South Korea Tuesday, marking Canada's first free trade agreement with an Asian country."This agreement is a great deal for both our countries," PM Harper stated.
"It will create jobs and opportunities for Canadians today, and just as importantly, for the generations that follow."
South Korea is Canada's seventh-largest trading partner - and British Columbia's fourth-largest, with over 50 per cent of Canada's exports to Korea originating in BC.
The pact that is expected to come into effect within a year "gives Canadian businesses access to a booming G20 economy but more than that - and I can't emphasize this enough - the key supply chains that begin in Korea fan out all across Asia," PM Harper stated.
Last fall, BC Premier Christy Clark led her second trade mission to South Korea to deepen British Columbia's relationship, meet high-level decision-makers, and advance BC's efforts to develop the liquefied natural gas sector.
South Korea is one of the province's priority markets and by improving trade, economic and government-to-government relations with our South Korean partners, it will promote economic growth and job creation here in BC.
"British Columbians gave us a mandate to strengthen the economy. A free trade agreement with South Korea will directly result in economic growth and jobs in BC," said Premier Christy Clark.
"This deal will hopefully be the first in a series of trade agreements, creating new opportunities with our other priority markets in Asia."
Now that Canada has reached an agreement with South Korea, British Columbians can be assured that this deal will provide clear advantages for BC companies doing business in this key market. Local exporters will have improved, real market access opportunities, especially in the forestry, natural gas, seafood and agri-foods sectors.
In the coming weeks, the Government of British Columbia will review the deal in detail for additional opportunities and any potential impacts.
