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Hub News Article Sep 30, 2014

Canada and Korea Signed a Free Trade Agreement

On 22 September 2014, Canada and the Republic of Korea signed a Free Trade Agreement (FTA). The agreement will cover a wide range of issues including trade in goods and services, investment, government procurement, non-tariff barriers, environment and labour cooperation, and other areas of cooperation.

The FTA includes a comprehensive investment chapter covering pre- and post-establishment national treatment and MFN, a detailed FET provision, prohibition of listed performance requirements, free transfer of funds as well as an investor-State dispute settlement mechanism. The chapter also includes provisions regarding health, safety and environmental measures as well as a corporate social responsibility provision encouraging companies to adopt internationally recognized standards of corporate social responsibility in their practices and their internal policies.