It will be South Korea's 11th free trade pact to be implemented.
Under the FTA, both countries will eliminate their tariffs on 97.5 percent of products from the other side within 10 years following its implementation, the Ministry of Industry, Trade and Energy said.
Canada will get rid of its current 6.1 percent tariffs on South Korean vehicles in phases for the next three years, and 5 percent and 8 percent tariffs on South Korean color TVs and washing machines/vacuum cleaners effective Jan. 1, respectively.
South Korea will eliminate its 8 percent tariffs on automobiles and auto parts from Canada as soon as the FTA goes into effect. It will also get rid of its 13 percent tariffs on luxury down-filled winter jackets from the Canada Goose brand from Jan. 1, and 15 percent tariffs on Canadian ice wine and lobsters in phases.
