Canada and South Korea concluded a free trade agreement (FTA) in March 2014. This agreement will reduce or eliminate duties and tariffs on a number of imports and exports between the two countries. Within a three to five year time span Canada is to completely eliminate tariffs currently charged in respect of cars imported from South Korea. The duty on cars charged by South Korea is to be scrapped as soon as the agreement goes into effect. The agreement will also lead to the dismantling of tariffs on imported Canadian beef within fifteen years. The FTA is to go into effect by mid 2015, although some aspect of the accord could require up to 15 years to be fully implemented.
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