OTTAWA, Ontario—The Canadian government has signed a Memorandum of Understanding (MoU) and Action Plan with South Korea to promote cooperation in the field of transport, with a focus on gateways, air and rail transportation activities.
The objective of this MoU is to enhance mutual benefits by exchanging information on a timely basis, sharing knowledge and lessons learned, and cooperating on specific projects. It also aims to expand cooperation among public and private-sector organizations in the air, rail and gateways-related industries to improve trade logistics and enhance competitiveness in domestic and international markets.
Canada and South Korea will undertake joint activities through exchanges of trade logistics professionals and dialogues between policy-makers in areas such as the air cargo supply chain, aviation security and safety, rail-related research and development, and rail freight performance measurement and benchmarking.
The Canada-Korea Free Trade Agreement (CKFTA) which entered into force on January 1, 2015, constituted Canada’s first free trade agreement in the Asia-Pacific region, and aimed to provide new access for Canadian businesses and workers to one of the world’s 15th-largest economies and the fourth-largest in Asia. It covers trade in goods and services, investment, government procurement, non-tariff barriers, environment and labour cooperation, and other areas of economic activity.
Two-way merchandise trade reached over $11.4 billion in 2014, making South Korea Canada’s third-largest trading partner in Asia.