Minister Fast Meets with South Korean Counterpart at G-20 Meeting in Australia
Caption: South Korean Minister of Trade, Industry and Energy Yoon Sang-jick (left) and International Trade Minister Ed Fast
July 18, 2014 - Sydney, Australia - The Honourable Ed Fast, Minister of International Trade, meets with Yoon Sang-jick, South Korea’s Minister of Trade, Industry and Energy.
The two ministers discussed the significant benefits and opportunities that the Canada-Korea Free Trade Agreement will provide to both countries. Both ministers reaffirmed their commitment to having the Agreement enter into force as soon as possible so Canadians and South Koreans can reap the benefits of preferential access to each other’s market.
Prime Minister Stephen Harper and President Park Geun-hye of South Korea announced the conclusion of negotiations for the Canada-Korea Free Trade Agreement on March 11, 2014, in Seoul, and stated their intention to have the Agreement enter into force as quickly as possible. On June 12, 2014, Minister Fast tabled the Text of Final Agreement in the House of Commons.
The Canada-Korea Free Trade Agreement is a landmark achievement: it is Canada’s first free trade agreement in Asia. Once implemented, the Agreement is projected to boost Canada’s GDP by $1.7 billion and increase Canada’s exports to South Korea by over 30 percent. South Korea is a major global economic player and a key market for Canada, plus it offers Canadian companies strategic access to regional and global value chains.
On the first day the Canada-Korea Free Trade Agreement enters into force, it will provide Canadians with preferential access to a market of 50 million consumers, with a GDP of $1.3 trillion. The Agreement will bring substantial benefits and opportunities for Canadian consumers, exporters, producers and investors from coast to coast to coast.
For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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