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Canada Signs Trade Pact with South Korea
Canada will phase out its import tariffs on South Korean auto imports in less than five years as part of the trade pact with the country announced today.
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Canada will phase out its import tariffs on South Korean auto imports in less than five years as part of the trade pact with the country announced today.
The agreement ends a decade of sporadic negotiations between the two countries. Under terms of the deal, Korea and Canada will immediately remove 76% and 82% of existing levies, respectively, Korea's tariffs currently average 13% compared with 4% for Canada.
Ford Motor Co. opposes the deal for the same reasons it has voiced about similar Korean pacts with the U.S. and Europe.
The carmaker complains that all three agreements fail to address Korean currency manipulation and non-tariff barriers that will continue to shield the country's domestic market.
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