MoU to build on closer ties set up by free trade agreement
OTTAWA—Canada has signed a Memorandum of Understanding and Action Plan with South Korea to promote cooperation in the transport field. The agreements focus on gateways, air and rail transportation activities and are designed to enhance the exchange of information and cooperation on specific projects.
“I am pleased to demonstrate that efforts have continued to strengthen the relationship between Canada and South Korea,” Lisa Raitt Minister of Transport, said. “We have built on the Free Trade Agreement to create a useful platform for businesses and policy-makers to leverage opportunities in the transportation sector.”
South Korea is among the world’s 15 largest economies and is the fourth-largest economy in Asia. Two-way merchandise trade between Canada and the Asian country reached over $11.4-billion in 2014, making it Canada’s third-largest trading partner in Asia. The two countries’ relationship was bolstered at the beginning of the year when the Canada-Korea Free Trade Agreement entered into force. It was also Canada’s first free trade agreement with an Asian-Pacific country. The government touted the deal as providing Canadian businesses and workers better access to the country’s significant market.
In addition to providing mutual benefits by exchanging information, sharing knowledge, and cooperating on specific projects, the memorandum is aimed at expanding cooperation among public and private-sector organizations in the two countries. The government hopes to improve trade logistics and enhance its competitiveness in domestic and international markets.
The government said Canada and South Korea will undertake joint activities through exchanges of trade logistics professionals and dialogues between policy-makers in areas such as the air cargo supply chain, aviation security and safety, rail-related research and development, and rail freight performance measurement and benchmarking.