Canada, South Korea sign MOU to cooperate on transportation initiatives

Written by Jenifer Nunez, assistant editor
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Lisa Raitt, Canada's minister of transport, signed a Memorandum of Understanding (MoU) and Action Plan with South Korea to promote cooperation in the field of transport, with a focus on gateways, air and rail transportation activities.

 

The objective of the MOU is to enhance mutual benefits by exchanging information on a timely basis, sharing knowledge and lessons learned and cooperating on specific projects. It also aims to expand cooperation among public and private-sector organizations in the air, rail and gateways-related industries to improve trade logistics and enhance competitiveness in domestic and international markets.

“I am pleased to demonstrate that efforts have continued to strengthen the relationship between Canada and South Korea. 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,” 
said Raitt
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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, rail-related research and development and rail freight performance measurement and benchmarking.

The Canada-Korea Free Trade Agreement (CKFTA), which entered into force on January 1, 2015, constituted Canada’s first free trade agreement in the Asia-Pacific region and aimed to provide new access for Canadian businesses and workers to one of the world’s 15th-largest economies and the fourth largest in Asia.

The CKFTA covers trade in goods and services, investment, government procurement, non-tariff barriers, environment and labor cooperation and other areas of economic activity.

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