The CKFTA is Canada’s first FTA in the Asia-Pacific region. It strengthens Canada’s presence in the important South Korean market and helps expand our economic footprint in this dynamic and vibrant part of the world. It also offers exporters, investors and service providers strategic access to regional and global value chains, and levels the playing field vis-à-vis their key competitors from the U.S., the EU, Australia and other countries that have concluded an FTA with South Korea. As such, the CKFTA provides a platform for Canadian companies to become increasingly competitive in the region. In terms of economic impact, the CKFTA is projected to boost Canada’s GDP by $1.7 billion and result in an increase in Canada’s exports to South Korea by over 30%.

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South Korea is a net importer of agri-food and seafood products. In 2022, South Korea's agri-food and seafood trade deficit was US$36.0 billion with imports valued at US$46.8 billion, and exports at US$10.8 billion.

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Canada was South Korea's ninth largest supplier of agri-food and seafood products with values of US$1.2 billion, representing a 2.5% market share in 2022. In comparison, the United States was South Korea's primary agri-food and seafood supplier with values of US$10.6 billion, representing a 22.7% market share in 2022.

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Top imports from Canada in 2022 were low erucic acid rape or colza oil (US$206.5 million, 17.7% market share), wheat (US$122.6 million, 10.5% market share), frozen meat of swine (pork), bone in (US$103.3 million, 8.9% market share), fresh or chilled meat of swine (pork), bone in (US$95.8 million, 8.2% market share) and food preparations, nowhere else specified (US$85.8 million, 7.3% market share).

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The packaged food market in South Korea was valued at US$30.3 billion in 2022 and experienced a marginal increase in compound annual growth rate (CAGR) of 3.4% from US$25.5 billion in 2017 (+6.2% from US$26.7 billion in 2019 to US$28.3 billion in 2020).