The Canadian Life and Health Insurance Association (CLHIA) says it welcomes today’s announcement of a free-trade agreement (FTA) between Canada and South Korea.
“As one of Canada’s most internationally active business sectors, the life and health insurance industry is a major supporter of free-trade agreements. We are pleased that such an agreement has been reached with such a large and important market as Korea,” says Frank Swedlove, CLHIA president Frank.
The Canada-Korea FTA is the first of its kind with an Asian country — a region where Canadian life insurers continue to have a strong and growing presence.
CLHIA commends the government for continuing to pursue new free-trade agreements and for identifying the Asia Pacific region as a key market of interest.
“We are hopeful that this FTA with Korea will raise Canada’s profile and further enhance our economic ties in the region,” adds Swedlove.
CLHIA is a voluntary trade association that represents the collective interests of its member life and health insurers. Its member companies hold roughly $600 billion worth of assets abroad and generate over $48 billion or 40 per cent of their total premiums from foreign operations.