According to reports, South Koreaâ€™s chief economic secretary of Blue House, An Zhongfan, stated at the press conference on the 21st that Minister of Industry, Trade and Resources of Indonesia, Yoon Sang-chi and Canadaâ€™s Minister of International Trade Ed Fast, will formally sign the South Korea Free Trade Agreement (FTA) on the 23rd. ) South Korean President Park Geun-hye and Canadian Prime Minister Harper will attend the signing ceremony.
On the evening of the 20th, local time, when meeting with his South Korean compatriots, Park Geun-hye said that South Korea and Canada will formally sign a free trade agreement, which will provide an important opportunity for pushing relations between the two countries to a higher level. Prior to this, trade and investment between the two countries concentrated on energy, resources, and manufacturing. After signing the free trade agreement, the two countries are expected to establish a framework partnership including service industries and cultural industries.
An Zhongfan said that according to the Korea-Chile Free Trade Agreement, the two countries will cancel 99% of the import tariffs of goods within 10 years, which is a high-level free trade agreement. According to the South Korea-Korea Free Trade Agreement, South Koreaâ€™s tariff on Canadaâ€™s largest export vehicle will be cancelled within three years. South Korea is expected to have an advantage in the Canadian market, and tariffs on auto parts, tires, washing machines, refrigerators and other products will be 3 to 5 years. Canceled during the year, exports will be further expanded.
18.8% (282 items) of Korean agricultural products were not included in tariff reduction targets or were stipulated to eliminate tariffs after 10 years. An Zhongfan said that the government has done its best to protect Korean agriculture. The government will raise financial resources and actively increase the competitiveness of agriculture and livestock industries.
The two countries signed an agreement after nine years since the negotiations on the free trade agreement started in 2005. As a result, South Korea has signed free trade agreements with nine of the world's 14 major economic powers.