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March 11, 2014
For immediate release
Prince Edward Island welcomes progress on Canada - South Korea Free Trade Agreement
Innovation and Advanced Learning
“In recent years, Prince Edward Island has seen growth in its trade with the Korean market and this will only be helped by the recently signed trade agreement,” said Minister Roach. “During our recent trade mission to Korea, I was struck by the opportunities for Prince Edward Island to do business in their marketplace. The agreement will further open doors for businesses from every sector of our economy.”
South Korea is currently in the top 10 markets being served by Prince Edward Island, with exports growing from $3.2 million in 2008 to $11.4 million in 2012. Island companies are currently exporting goods and services in the Advanced Manufacturing, Agriculture, Aerospace, and Bioscience sectors.
The deal announced this week by Ottawa is good news for exporters within the province. Existing and new exporters will now be on a level playing field with their competitors from the United States and European Union and see the elimination of duties across the majority of products for Island firms.
“I anticipate we will see this open trading relationship attract investment into the Province of PEI and encourage further partnerships between the Island and South Korea, as well as with the Asian marketplace in general,” said Minister Roach.