SKorea, Canada reach free trade deal meant to help Korean automakers, Canadian ranchers

South Korea and Canada have reached a free trade agreement meant to boost exports and investment.

Trade ministers in the two countries said they concluded the negotiations in a meeting in Seoul.

After more than nine years of negotiations, the two countries agreed to remove tariffs on most goods within a decade of the pact taking effect.

Canada agreed to eliminate tariffs on autos within two years after ratification. South Korea will remove tariffs on Canadian beefs in 15 years, according to South Korea's statement.

South Korea has free trade deals with the U.S., several other countries and the European Union. It struck a deal with Australia, a major meat producer, in December.

It is Canada's first free trade agreement with an Asian nation.