• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/25/2014

Canada - Free trade agreement with South Korea 

March 25: Representatives of the governments of Canada and South Korea signed a free trade agreement in March 2014.

Once in force, the free trade agreement will eliminate duties and remove border tariffs on many imports and exports. For example:

  • Canada will eliminate tariffs on imported South Korean cars within three to five years.
  • South Korea's 8% duty on cars will be eliminated immediately when the agreement is implemented.
  • The free trade agreement will eliminate the tariff of up to 72% on imported Canadian beef within 15 years.

The agreement is expected to be implemented by mid 2015, but some elements of the agreement could take up to 15 years to phase in.

Read a March 2014 report prepared by the KPMG member firm in Canada: Canada and South Korea Conclude Free-Trade Agreement

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