CANADA SIGNS FREE TRADE DEAL WITH SOUTH KOREA

Mar 11, 2014

By Scott Walker

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Prime Minister Stephen Harper is on his way back to Canada with a very important document in his briefcase.

Harper signed a Free Trade agreement with South Korea that eliminates virtually all tariffs between the two countries.

Harper says it is the first free trade deal with an Asia-Pacific nation. And it opens the rest of Asia to Canadian goods.

The deal has the potential to increase Canada’s trade with South Korea by 32% and add $1.7-billion to the Canadian economy.

One concern in Ontario is what it will do to the auto sector. Canada currently imposes an import duty of 6.1% on vehicles. The auto sector is worried about the impact of a flood of cheaper Hyundais and Kias. The sector employs 93,000 people directly, and tens of thousands more indirectly in Ontario.

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