Canada Says South Korea Trade Pact to Help Beef Producers

Canada and South Korea concluded negotiations on a free-trade deal that will give more market access for Canadian beef producers and phase out tariffs on cars made by Korean companies such as Hyundai Motor Co.

The agreement will boost Canadian exports to South Korea by one-third, adding an annual C$1.7 billion ($1.5 billion) to Canada’s economic output once the deal is fully implemented, said a Canadian official familiar with the contents of the agreement who spoke to reporters in Seoul, asking not to be named as he’s not authorized to speak publicly. Korean carmakers will gain competitiveness in Canada over Japanese and European rivals, South Korea’s deputy trade minister Choi Kyong Lim said yesterday.