The “Sleeping Giant” – with all the attention devoted to the recent conclusion of the Canada and European Union (EU) Comprehensive Economic and Trade Agreement [“CETA”], Canada’s new Free Trade Agreement [“FTA”] with Korea may be getting overshadowed. In my view, the Canada-Korea Free Trade Agreement will prove to be one of Canada’s most important trade policy initiatives since the landmark Canada – U.S. FTA and the North American Free Trade Agreement [“NAFTA”] were negotiated 25 and 20 years ago respectively [see, https://www.wl-tradelaw.com/woods-lafortune-discuss-25th-anniversary-of-free-trade/] For one thing, this represents a breakthrough for Canada as it marks its first FTA with an Asia-Pacific partner. For another, the Canada-Korea Free Trade Agreement [“CKFTA”] has now been ratified and will come into force on January 1, 2015 – years ahead of CETA’s projected implementation.
I personally like to call it the “Sleeping Giant” because of its potentially critical, although possibly less visible, role in Canada’s trade policy framework. It is also of special importance to me because I was privileged to serve as Commercial Counsellor at the Canadian Embassy in Seoul where I learnt about Korea’s long and proud history. In fact, its original emergence as a single unified country dates back to the 7th century. For much of its history, Korea was relatively isolated and shrouded in mystery – known as the Hermit Kingdom. The modern nation was established in 1948 with the creations of the Republic of Korea [“ROK” or “Korea”] in the south and the Democratic People’s Republic of Korea [“DPRK”] in the north. Following the struggle, hardships, and losses of the Korea War (1950-1953), the ROK began a determined, brave, and ambitious course. While maintaining and drawing on its centuries old culture and traditions, the Sleeping Giant awoke to the world of global trade and investment and build a powerhouse economy. Today the ROK is the world’s 15th-largest economy and the fourth-largest in Asia. Isolated no longer, it has become both an Asian-Pacific gateway and a hub for global trader.
Under our publications section, we have posted Part I in a three part series on the Canada-Korea FTA. The “Canada-Korea Free Trade Agreement Part I: The Sleeping Giant – A Big Asia Pacific Move for Canada” is available here – https://www.wl-tradelaw.com/canada-korea-free-trade-agreement-part-i-the-sleeping-giant-a-big-asia-pacific-move-forward-for-canada/
