The Free Trade Agreement (FTA) between Canada and South Korea has been ratified by both countries. This treaty will be effective from 1st January 2015. It contains principles for determining the rules of source and other guidance. The agreement also gives transition rules that may cover goods that were produced, or were in the produced level before the effective date of FTA. From 1st January 2015, the current General Preferential Tariff (GPT) rates will be withdrawn from imported goods into Canada from Korea.