Tip:
Highlight text to annotate it
X
Let's start this lunchtime with some fantastic news on the nation's trade front...
Following their second summit talks in just six months..., President Park Geun-hye and
visiting Canadian Prime Minister Stephen Harper wrapped up talks Tuesday on a free trade deal
between the two countries. Once the deal takes effect, Korea will be
the world's number three in terms of its "FTA economic territory."
Our presidential correspondent Choi You-sun tells us more. Korea and Canada's comprehensive
trade pact goes beyond goods and services, to include investments, finance and intellectual
property.
"Finalizing the FTA negotiations carries great significance, because it lays the groundwork
for expanding cooperation on areas of mutual interest, including trade and investment between
the two countries."
"It would create jobs and opportunities for Canadians today and just as importantly for
the generations that follow."
Over the next 10 years, each side will lift tariffs on nearly 98 percent of goods.
For Korean automakers, whose products make up almost half of the nation's 10 billion
U.S. dollar annual exports to Canada, the six-percent tariff barrier will be removed
in two years. This means Korean companies like Hyundai and
Kia, which currently make up 12 percent of the Canadian market, will be able to make
further inroads in the North American country. While more than 2-hundred farm products, including
rice are exempt from the deal, relatively high tariffs of up to 40 percent on Canadian
beef and pork will be partially lifted over the next five to 15 years.
To allay concerns among Korean livestock farmers,... worried about the impact of trade deals with
both Canada and Australia,... Seoul says it's working on measures to assist them.
Canada is now Korea's 12th FTA partner. After the deal is signed and approved by the
parliaments of each country, it is expected to go into effect next year.
"Stressing that bilateral security cooperation is as important as economic issues, Prime
Minister Harper expressed support for President Park's trust-building policies towards North
Korea. The two leaders then urged Pyongyang to completely and verifiably rid itself of
all its nuclear arms. Choi You-sun, Arirang News."