Subscribe
E-Paper
Free trade pact officially signed
By Kang Seung-woo
OTTAWA ― Korea and Canada have agreed to establish a strategic partnership on the back of a free trade agreement (FTA) signed between the two countries, Cheong Wa Dae said Monday (KST).
Marking the 51st anniversary of diplomatic relations between the two nations, they agreed to strengthen bilateral cooperation in multiple consultative groups such as the U.N., Asia-Pacific Economic Cooperation (APEC) and G-20
The agreement was reached at a summit in Ottawa between President Park Geun-hye, who arrived here Saturday for a three-day state visit, and Canadian Prime Minister Stephen Harper. It was their second summit this year ― the first was held in Seoul in March.
After the meeting, Trade, Industry and Energy Minister Yoon Sang-jick signed the free trade deal with his Canadian counterpart Ed Fast. Park and Harper also attended the signing ceremony.
As partners that have mutually cooperative relations, they agreed to bolster bilateral cooperation in the fields of energy, natural resources, arctic studies and forestry.
In addition, the two leaders concurred on supporting people-to-people and cultural exchanges in order to maximize the effects of the strengthened bilateral cooperation.
Park and Harper also discussed North Korea's nuclear program, and agreed to urge the Stalinist State to stop its ongoing provocative actions. The Prime Minister reaffirmed his support for Park's initiative for peaceful unification on the Korean Peninsula.
Since the beginning of the year, the Kim Jong-un regime has tested 100 short-range rockets and missiles on 19 occasions.
On Sunday, President Park said that the nation's FTA signing with Canada would help both countries tap the full potential of their bilateral relations.
The FTA signing was one of the two highlights in her weeklong North American trip that also encompasses a speech at the U.N. General Assembly in New York later this week.
Park met with Governor General David Johnston at Rideau Hall, his official residence.
"Korea and Canada are close cooperation partners. The free trade deal will serve as a new engine to fully take advantage of the cooperative potential in the bilateral ties," Park said during an official welcoming ceremony for her.
"The governor general's residence is a symbolic place where foreign state heads have been assured of mutual cooperation with Canada, and I expect today's event to be remembered as the beginning of the next 50 years in bilateral relations."
During a dinner hosted by Johnston later in the day Park said that the Korea-Canada FTA will become a new springboard toward the development of bilateral relations.
Johnston, who attended Park's inauguration ceremony in February of 2013, said that bilateral ties would further grow on the back of the trade deal.
"The recent drafting of a historic free trade agreement will allow both our countries to thrive," he said during the dinner. "In addition, Canada and Korea are continuing to cooperate in the areas of business, innovation and education."
The governor general added that Canadian businesspeople recognize opportunities in Korea and are investing in increasing numbers, and the same can be said of Korean investors in Canada.
Within 10 years, the trade deal will see the virtual abolition of a wide range of tariffs including those on automobiles and meat.
Once the National Assembly ratifies the agreement, the FTA will remove tariffs on 97.5 percent of products traded between the two countries, according to the presidential office.
The deal is the nation's 12th FTA, while Korea will be Canada's first Asian partner, according to Cheong Wa Dae.
Canada was Korea's 25th-largest trading partner in 2013, with bilateral trade volume reaching $9.92 billion.
