About South Korea
ALBERTA EXPORTS TO SOUTH KOREA
SOUTH KOREA IMPORTS
1. China 21%
2. Japan 11.6%
3. United States 10.4%
4. Germany 4.2%
5. Saudi Arabia 3.9%
ALBERTA-SOUTH KOREA RELATIONS
- Alberta has long enjoyed positive relations with the Republic of Korea (commonly known as South Korea).
- Alberta’s oldest sister province relationship is with Gangwon province in South Korea. Since the September 3, 1974 agreement, the two provinces have participated in a variety of activities including education, culture and sport exchanges.
- Canada-Korea Free Trade Agreement (CKFTA):
The Canada-Europe Comprehensive Economic and Trade Agreement (CETA) entered into provisional application September 21, 2017. CETA will open new trade opportunities with a block of 500 million consumers accounting for 22 percent of global GDP.
On implementation 98 percent of tariff lines fell to zero immediately. Of the remaining 2 percent of tariff lines, half will be phased out over the next five to seven years. 99 percent of all products exported to the EU will be duty free.
On June 23, 2016 the UK voted to leave the EU, with the date for the UK to exit from the EU set for March 29, 2019. However, CETA will continue to apply for exports to the UK during a transition period that is currently set to last until December 31, 2020. Neither Canada nor the UK wish to lose the benefits to trade of CETA and wish to have as smooth a transition as possible to a future Canada - UK free trade agreement. Canadian and British trade officials are currently engaged in technical discussions to try to ensure a seamless transition.
- WTO Agreements