Successes and facts in the export market that highlight the benefits of the agreement for Canadian businesses. The Canada-Korea Free Trade Agreement (CKFTA) entered into force on January 1, 2015, and marked a new phase in Canada`s Korean trade relationship. As Canada`s first free trade agreement in the Asia-Pacific, the CKFTA lays the foundation for future trade agreements and provides a gateway for Canadian businesses and workers to expand their exports to the region. After implementation, 86.8 per cent of agricultural customs positions for Canadian exports to Korea have been removed, exports are expected to increase by 32 per cent, and the economy is expected to be boosted by $1.7 billion. Text of the agreement, benefits to Canadians and customs information. The two countries began discussions in 2005 on the creation of a free trade agreement and held 14 rounds of negotiations before ending the agreement.   Following the conclusion of the EU-South Korea Free Trade Agreement and the United States of America-Republic of Korea Free Trade Agreement, Canada`s trade with South Korea decreased by about 1.3.  Canada will eliminate tariffs on imported South Korean automobiles within two years of ratifying the trade agreement.  The chapter on electronic commerce in the CKFTA aims to facilitate electronic commerce between Canada and South Korea. In particular, both countries are required not to apply customs duties, royalties or other taxes on digital products transmitted electronically. In addition, the chapter aims to facilitate e-commerce by seeking to address the concerns of e-commerce users when participating in online transactions. For example, the provisions on the protection of personal data and consumer protection aim to build users` trust and confidence in electronic commerce. In January 2018, the agreement eliminated or reduced numerous tariffs on Canadian exports.
How the agreement will benefit Canadian economic sectors, businesses, provinces and territories.. . . .