South Korean textiles, cars, machinery to benefit from FTA with CanadaMadeinkoreablog
SEOUL, Sept. 23 (Yonhap) – South Korean automobiles, machinery and textiles stand to profit the most from the free trade agreement (FTA) with Canada as per the trade report. As indicated by the Korea International Trade Association (KITA), Canada and South Korea have complementary economies that both stand to gain from the best deal.
It said for Seoul, Canada can be a stable supplier of different energy resources and raw materials, while the FTA gives Canada a beachhead in Asia to the sales related to fuel. Canada was South Korea’s 25th-biggest trading partner in 2013, with the countries bilateral trade volume arriving at around US $10 billion.
A year ago, South Korean the makers of the car transported in excess of 130,000 vehicles, worth some $2.23 billion, to Canada, making it the world’s fifth-biggest business sector for South Korean vehicles.