Mr. Speaker, our government is focused on creating jobs and opportunities for hard-working Canadians in every corner of this country. That is why we have launched the most ambitious pro-trade plan in Canadian history. Canada's prosperity requires expansion beyond our borders into new markets for economic opportunities that serve to grow Canada's exports and investments.
In our volatile global economy, one of the greatest opportunities for our country to expand trade and create prosperity is in the fast-growing markets of the Asia-Pacific. The Canada-Korea free trade agreement is our first bilateral free trade agreement in the Asia-Pacific region. This landmark agreement would bring enormous benefits to both our countries. It would create thousands of good jobs for Canadians, boosting Canada's economy by an estimated $1.7 billion, and increasing Canadian exports to South Korea by an estimated 32%. It would lead to greater investment in both of our countries and would mean more choices and better prices for Canadian consumers.
South Korea is already Canada's seventh-largest merchandise trading partner. The movement of goods between our countries was nearly $11 billion in 2013. That number would only grow with this new agreement.
This agreement will cover all aspects of the Canada-South Korea trade relationship. It will eliminate many tariffs and other measures that hinder trade between our two countries, providing greater transparency and confidence for investors. Right now, some of the areas with the greatest potential for growth are Canada's minerals and metals, which includes oil and gas, forestry, and value-added wood product sectors.
With the entry into force of the Canada-Korea free trade agreement, the potential for even greater growth in trade of these commodities is huge. For example, South Korea imported an average of $2.8 billion of Canadian metal and mineral products per year between 2011 and 2013. South Korean tariffs on these goods can reach up to 8%. Once this agreement is in force, South Korea will immediately remove tariffs on iron, steel, nickel, and non-ferrous metals, and immediately eliminate tariffs on almost 100% of exports of aluminum, with all remaining duties eliminated within five years. South Korea will also immediately eliminate tariffs on nearly 100% of mineral product exports, again with all remaining tariffs being eliminated within five years.
South Korea relies chiefly on imports to meet most of its energy needs. Over the next five years, South Korea's demands for energy are expected to rise dramatically due to its growing industrial sector. Canada is in a good position to help meet that growing demand. Canada is a global leader when it comes to energy. We are the sixth-largest producer of oil, with the world's third-largest proven oil reserves. We are the fifth-largest producer of natural gas, and the second-largest producer of uranium, which is a critical resource for South Korea, one of the world's top generators of nuclear energy. Once this agreement is in force, South Korea will immediately remove tariffs on more than 88% of Canadian exports of petroleum products. The tariffs on the remaining petroleum products will be phased out within five years. Import duties on petroleum coke will be immediately eliminated. With respect to natural gas, South Korea's current duty of 3% will be eliminated upon entry into force of the agreement.
South Korean investors also have a keen interest in Canada's growing liquefied natural gas market and the potential for export of LNG. As you know, Canada has enormous natural gas reserves and the potential to become a major player in the global LNG market. The challenge has always been a lack of infrastructure in Canada to meet global demands. However, all of that is about to change. If the seven major LNG projects proposed for B.C. go ahead, they could generate more than $1 trillion in economic activity over the next 30 years. Over the next decade, hundreds of major resource projects, worth more than $675 billion, are planned or currently under way, so there is enormous economic potential. This agreement opens up the possibility for Canada to become the North American platform for LNG exports to Asia.
The Canada-Korea free trade agreement also builds on the positive relationship we have built with the Republic of Korea in the field of clean energy technology. Canada and South Korea have a long and fruitful research partnership in clean energy technology dating back decades. The South Korean market offers many opportunities for Canada in niche areas, such as smart grids, biomass energy and waste energy, all areas where Canada has strong expertise and proven technologies. We are working together with the goal of translating research into demonstration projects and commercial ventures in the field of renewable energy, including smart grids, and carbon capture and storage.
Beyond energy, the trade agreement also opens the door to strengthening trade ties with South Korea when it comes to forestry. South Korea is currently the fourth largest market for Canadian forest products, with exports averaging more than $597 million per year between 2011 and 2013, of which an average of $92 million per year is subject to tariffs up to 10%. Within 5 to 10 years of implementation of this agreement, South Korea will eliminate all tariffs on Canadian forest products.
Building on this agreement, the Prime Minister and President Park of the Republic of Korea recently witnessed the signing of a memorandum of understanding for co-operation in the field of forestry. It represents an important milestone for sustainable forest management in both our countries.
We stand with Canadians incredibly disappointed that the NDP members tried to completely gut the bill at the trade committee, where they tabled amendments to remove the investor protection provisions, which are cornerstones of modern trade and investment agreements. This is just as harmful as the neglect of international trade under the Liberals who took Canada virtually out of the game of trade negotiations, putting Canadian workers and businesses at severe risk of falling behind in this era of global markets.
In less than seven years, our government has reached free trade agreements with 38 countries, bringing Canada's total to 43 agreements. Thanks to these actions, under our government's free trade leadership, Canadian workers, businesses and exporters now have preferred access and a real competitive edge in more markets around the world than at any other time in our history.
In our global economy, free trade paves the way to prosperity. South Korea is not only a major economic player in its own right and a key market for Canada, it also serves as an important gateway for Canadian businesses to the dynamic Asia-Pacific market.
With this ground-breaking agreement with South Korea and the trade agreement our country recently negotiated with the European Union, Canada has now concluded free trade agreements with nearly one-quarter of the countries in the world. It means that Canada will now enjoy access to more than half of the global economy.
We know that as trade increases so does our nation's prosperity, which creates jobs and puts more money into the pockets of hard-working Canadians. By continuing to actively pursue broader market access and new investment opportunities, we are providing Canadian businesses and exporters with access on preferred terms to the largest, most dynamic and fastest-growing economies and regions around the world. To put it simply, this agreement is a game changer for our country.