MISSISSAUGA, Ontario (Oct. 7, 2014) — The governments of Canada and South Korea have signed a free trade agreement which, if ratified by the countries' respective parliaments, will phase out import duties on rubber products in both countries over five years, the Tire and Rubber Association of Canada (TRAC) said.
If the ratification process is confirmed, TRAC said it is expected the agreement will become effective Jan. 1, 2016.
Canada imported $171 million of tires and other rubber products from South Korea in 2013, including car and truck tires valued at $105 million. By contrast, Canada's exports of rubber goods to South Korea were valued at $53 million, according to TRAC, almost none of which were car or truck tires.