Parliamentary Secretary O’Toole Highlights New Link Between Canada and South Korea in Energy Sector
Canadian and South Korean nuclear industries forge stronger commercial ties through memorandum of understanding
September 5, 2014 – Ottawa, Ontario – Foreign Affairs, Trade and Development Canada
Erin O’Toole, Parliamentary Secretary to the Minister of International Trade, today commended the Organization of Canadian Nuclear Industries (OCI) and the Korea Atomic Industrial Forum (KAIF) for signing a new memorandum of understanding (MOU) on August 26 to foster future collaboration. Parliamentary Secretary O’Toole is currently in South Korea, joining Senator Yonah Martin and Member of Parliament Barry Devolin in a parliamentary delegation liaising with South Korean counterparts on the Canada-Korea Free Trade Agreement, scheduled for legislative review this fall.
Parliamentary Secretary O’Toole recently announced more than $88,000 in funding for OCI through the Global Opportunities for Associations program. The funding helps the Canadian energy sector achieve success in markets abroad and create jobs for hard-working Canadians.
The MOU adds further momentum to the Canada-South Korea relationship following the conclusion of negotiations in March 2014 of the Canada-Korea Free Trade Agreement by Prime Minister Stephen Harper and Park Geun-hye, President of South Korea. On the day it comes into force, the Canada-Korea Free Trade Agreement will provide Canada with preferential new market access to South Korea’s 50 million consumers and annual $1.3-trillion economy. It will bring substantial benefits to Canadian consumers, exporters, producers and investors across Canada, from coast to coast to coast.
The nuclear industry is part of the sustainable technologies and infrastructure sectors, priority economic sectors under Canada’s Global Markets Action Plan.
- South Korea is already Canada’s third-largest trading partner in Asia. Total merchandise trade between the two countries reached approximately $10.8 billion in 2013.
- The Canada-Korea Free Trade Agreement is projected to boost Canada’s economy by $1.7 billion and increase Canadian merchandise exports to South Korea by 32 percent.
- Tariff elimination under the agreement will be particularly advantageous for Canadian businesses because average South Korean tariffs are three times higher than Canada’s (13.3 percent versus 4.3 percent).
“Our government will continue to support our industries as they compete and win in the global marketplace. Agreements like the MOU between the Canadian and South Korean nuclear industries will help create jobs and opportunities for Canadians.”
– Erin O’Toole, Parliamentary Secretary to the Minister of International Trade
Director of Communications
Office of the Honourable Ed Fast
Minister of International Trade
Media Relations Office
Foreign Affairs, Trade and Development Canada