Hot on the heels of the Canada-Korea Free Trade Agreement’s entry into force on Jan. 1, Canada’s trade minister, Ed Fast, is leading a trade mission to South Korea this week. This is a good time to remind ourselves of the importance of this agreement, Canada’s first with an Asian economy. It is also a good time to commit to the further work required for Canada to reap the full advantage of this more open door toward Asia.
Although the income of the average South Korean is about a third lower than that of Canadians, it has been rising much faster over the past three decades. The Canadian and South Korean economies are now roughly the same size. Canadian and South Korean standards of living will likely converge over the next two decades.
Our competitors in Europe, the United States, and Australia were leaving us behind with South Korea. Now is Canada's chance to move to the forefront.
