Wynne Worried About Impact of Canada-Korea Free Trade in Ontario

In a statement issued by Ontario Premier, Kathleen Wynne, she warned that the Prime Minister’s free trade deal with South Korea might end up being a double-edged sword for Ontario. While Mr. Harper was in Seoul to seal the deal on the historic accord on Tuesday, Wynne alleged that the free-trade pact with South Korea maybe helping Ontario’s some industries but it is risky for the key provincial auto sector.

Regardless of that, Mr. Harper announced the agreement along with South Korean President, Park Geun-hye, alleging that the comprehensive pact will help boost the whole Canadian economy. Mr. Harper stated that “the Canada-Korea Free Trade Agreement will create jobs and opportunities for Canadians across the country.” He elaborated that “not only will it benefit consumers, it is good news for farmers, the aerospace industry and the chemicals sector, to name a few. The government hopes the pact, known as the Canada-Korea Free Trade Agreement, will alter current trade patterns under which South Korean companies sell a great deal more here than Canadian exporters do in the Asian country.”

It was pointed out that Canadian exports to South Korea reached $3.7 billion in 2012, while the imports totalled $6.4 billion. Mr. Harper alleged that the “Canadian businesses, investors and consumers in every province stand to benefit significantly from the increased market access that the agreement will provide.” It was added that the deal will also “open the door to the lucrative Asia-Pacific market for Canadian businesses.”

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