Learn how the Canadian and Korean accounting professions are supporting free trade

Find out more about the memorandum of cooperation signed by Chartered Professional Accountants of Canada (CPA Canada) and the Korean Institute of Certified Public Accountants (KICPA) indicating their support of the Canada-Korea Free Trade Agreement.

Background

The Canada-Korea Free Trade Agreement, which came into effect on January 1, 2015, constitutes Canada’s first free trade agreement in the Asia-Pacific region. This landmark agreement provides new access for Canadian businesses and workers to the world’s 15th-largest economy and the fourth-largest in Asia.

After two decades of cordial relations between the accounting professions in both countries, CPA Canada and KICPA are formalizing their close ties in order to embark on future collaborative endeavours in areas of mutual interest. These professional institutes, which are both respected members of the Confederation of Asian and Pacific Accountants and the International Federation of Accountants, believe they can positively impact the implementation of the free-trade agreement, and have signed this memorandum of cooperation to demonstrate their commitment.

Overview of memorandum

The memorandum of cooperation between CPA Canada and KICPA features the following elements:

Objectives:

  • support the implementation of the free-trade agreement through cooperation between both institutes
  • promote economic prosperity in Canada and Korea through strong accounting professions
  • contribute to the ongoing improvement of accountants and accounting firms
  • develop professional accountancy organizations by implementing high-quality standards and services
  • make meaningful contributions to international standard setters and accountancy organizations

Why this matters to you

Both institutes have agreed to focus on and share information in specific areas of common interest. Through this collaboration, the organizations will be able to learn from each other and build institutional ties between both countries. This cooperative relationship will help enhance the Canadian accounting profession at large, and create new opportunities for accounting firms in Canada.