“South Korea is now the fourth largest market for Canada`s forest products industry and an important destination, as we insist that it export more to the Asia-Pacific region. This free trade agreement addresses existing tariff and non-tariff barriers to our forest products sales to South Korea and, as such, will help us meet our sector`s ambitious vision 2020 goal of achieving an additional $20 billion in economic activity from new products and markets by the end of the decade. Internationally, financial services is Canada`s largest source of foreign services trade and investment, and about half of Canada`s foreign direct investment stock comes from the financial services sector. With south-Korean and Canadian financial services markets developing, there is potential for increased participation by each country`s financial institutions in these markets. The rules for public procurement, including trade agreements, define how the public sector should make decisions to purchase goods and services for clean use. These rules ensure that public authorities receive the necessary supplies while respecting other public policy objectives through their purchases, such as promoting environmental sustainability or ensuring safety. These rules also promote innovation and contribute to economic growth. The Canada-Korea Free Trade Agreement, like all of Canada`s free trade agreements, contains specific rules of origin for all products. Rules of origin prevent agreements from entering countries other than Canada and South Korea (for example). B products that are simply transported by Canada to South Korea or vice versa). The rules of origin allow Canadian companies to use the privileged access gained by the Canada-Korea Free Trade Agreement.
As with all Canada-Korea free trade agreements, the Canada-Korea Free Trade Agreement has an exception section to preserve autonomy and flexibility in key areas of law and order, including culture, taxation, environmental protection and national security. The outcome of the automotive products agreement will restore a level playing field in the South Korean market by achieving comparable results and, in some cases, stronger than in other South Korean free trade agreements. Key features of the automotive agreement include the provisions of the Canada-Korea Intellectual Property Free Trade Agreement (IP) that have guaranteed Canadian copyright, patent and trademark holders that their rights to the South Korean market will be fully respected.