Industrial: chemicals, cosmetics, auto parts, machinery & equipment, fertilizers
Advanced tech: pharmaceuticals, medical devices, aerospace, environmental goods
Services sectors are responsible for 90% of new Canadian jobs; new opportunities for Canadian services providers in Korea, including in financial, high-tech & environmental services
Secure & predictable environment for investors, boost investment in Canada
More opportunities across Asia by using Korea as a launching point
Lower prices and improved choice for consumers
Facts on South Korea
An attractive growth market for Canada
Largest of four Asian tigers, GDP of $1007B (2006)
A “gateway” to Asia (China & Japan)
Canada’s tenth largest export destination, more than Brazil and India combined
Two-way merchandise trade— $8.37B(2007)
Two-way services trade—$975M (2005)
Two-way investment—$1.1B (2006)
Results for Canadians
New markets
New customers
New investors
New links in supply and production chains
New partnerships
New opportunities for Canadian companies
Risks of not pursuing agreement
Competitive disadvantage for Canadian firms
Korea has FTAs with Singapore, Chile, EFTA, ASEAN
Korea and the U.S signed an FTA in June 2007.
Currently negotiating with EU, Mexico and India
Credibility risks for future negotiations
Reduced opportunities throughout Asia-Pacific
Canada-South Korea negotiations
Ongoing consultations reveal broad support across Canadian economy
Negotiations launched in July 2005; 12 rounds of talks since
Government will only sign a deal that’s good for Canada; Parliament will have final say
