Chartered Professional Accountants of Canada (CPA Canada) and the Korean Institute of Certified Public Accountants (KICPA) are to sign a Memorandum of Cooperation (MOC) which is partly aimed at implementing the Canada-Korea Free Trade Agreement (CKFTA).

CKFTA, Canada’s first free trade agreement with an Asia Pacific country, was concluded in March 2014 and came into force on 1 January this year. Once fully implemented it is expected that CKFTA will almost mutually eliminate tariffs for imports of goods between the two countries.

CPA Canada chief executive Kevin Dancey said the MOC highlights the desire of both professional bodies to "embark on future collaborative endeavours in areas of mutual interest."

Among those areas are professional education and certification; CPD education; standard-setting activities; and ethical standards and member certification.

"Avenues for greater collaboration will include the exchange of staff, documents and joint research, so that we can learn from each other and build solid ties between our two organizations," KICPA president Sungwon Kang said.

Last May CPA Canada strengthened its international bonds by signing a Memorandum of Understanding with UK’s Chartered Institute of Public Finance and Accountancy.

CPA Canada has more than 190,000 members and KICPA more than 17,000 members.