On September 21, according to the Yonhap News Agency, South Korea’s Cheong Wa Dae’s chief economic secretary, An Zhongfan, said at a press conference on the 21st that South Korea’s Minister of Industry, Trade and Resources, Yin Xiangzhi and Canadian Minister of International Trade Ed Foster will officially sign Han on the 23rd. The Free Trade Agreement (FTA), South Korean President Park Geun-hye and Canadian Prime Minister Harper will attend the signing ceremony.
On the evening of the 20th local time, Park Geun-hye met with his compatriots in South Korea and said that South Korea and Canada will formally sign a free trade agreement, providing an important opportunity to push bilateral relations to a higher level. Previously, trade and investment between the two countries were concentrated on energy, resources and manufacturing. After signing the free trade agreement, the two countries are expected to establish a framework partnership including service industry and cultural industry.
An Zhongfan said that according to the Korea-Canada Free Trade Agreement, the two countries will cancel 99% of import tariffs on goods within 10 years. This is a high-level free trade agreement. According to the Korea-Canada Free Trade Agreement, South Korea’s tariff on Canada’s largest export product car will be cancelled within three years. South Korea is expected to have an advantage in the Canadian market, while tariffs on auto parts, tires, washing machines and refrigerators will be 3 to 5 years. It was cancelled during the year and exports will be further expanded.
18.8% (282 projects) of Korean agricultural products were not included in the tariff reduction or were exempted from tariffs after ten years. An Zhongfan said that the government has done its best to protect Korean agriculture. The government will raise resources to actively improve the competitiveness of the agricultural and livestock industries.
The two countries have signed an agreement since the start of the FTA negotiations in 2005. As a result, South Korea has signed a free trade agreement with nine of the world's 14 major economic powers.
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