South Korea and Canada on Tuesday (11 March) struck a free trade deal after nearly nine years of negotiations, agreeing to phase out tariffs on most imports and exports within 10 years of implementing the deal, reports The Korea Herald.
The agreement came after President Park Geun-hye and Canadian Prime Minister Stephen Harper held a summit in Seoul.
“The South Korea-Canada FTA can be called a new rule of bilateral cooperation. We have high expectations for a deepening of economic cooperation with Canada based on the deal,” President Park said during the summit at Cheong Wa Dae.
The deal is expected to take effect sometime next year, Seoul officials told the paper.
