Canada-Korea Free Trade Agreement
South Korea is B.C.’s 4th largest goods export market, with over $2.1 billion in annual goods exports in 2020. The Canada-Korea Free Trade Agreement (CKFTA) came into effect on January 1, 2015, and was Canada’s first free trade agreement in the Asia-Pacific region. When the CKFTA is fully implemented, it will remove more than 98% of South Korea’s tariff lines on Canada’s products.
The CKFTA covers virtually all aspects of Canada-South Korean trade, including trade in goods and services, investment, government procurement, non-tariff barriers, environment and labour cooperation, and other areas of economic activity. The CKFTA puts B.C. companies on a level playing field against key competitors who already enjoyed preferential access to the South Korean market.
For more information on how the CKFTA can benefit your business, go to our Trade Resources page.