The Canada-Korea Free Trade Agreement reinforces existing trade patterns between the two countries, with major gains in sensitive sectors like autos and beef. Both economies see output gains in non-traded services sectors. Trade diversion effects are significant, leading to pressure on other countries to strike similar deals. The Agreement modifies Korea's and Canada's scores on the OECD's Services Trade Restrictiveness Index, impacting Mode 3 Services trade. This analysis provides new insights into the impact of modern free trade agreements.