it's understandable that a lot of us are focusing on "auto" side of the free trade here, but this trade agreement doesn't just pertain to auto manufacturing industry.
we as Canadians, and auto enthusiasts, tend to focus on auto manufacturing industry a lot, but that's not the only industry in Canada.
there are other aspects of this agreement that benefits other industries of Canada as well.
ever since US-korea FTA, Canada lost massive market share in food export to Korea to US.
Canada-Korea FTA is trying to take some of that back while giving a little in Auto(at the same time, pushing for no-tariff on canadian manufactured cars for korean market as well)
Canada is in trade deficit with Korea (2008 figure of 3.3 billion export vs 5.8 billion import) and this FTA is trying to even that out with Canada's massive food industry's products and natural resources investments(since korea has none to speak of).
Auto manufacturing industry in canada is pretty big, but it's not near as big as all the news articles seem to state. mining/resources/agriculure is more massive and contributes more to the Canadian economy and those are the industries that stand to gain from this FTA.
each country playing more to its strength.
Not only that, korea is Canada's 8th largest trading partner already, EU's 8th's largest trading partner, one of the richest countries in Asia, with strategic access to eastern asian market. given that, Canada is right to consider having such strong economic partnership with countries such as Korea to not put all its eggs in one(US) basket. any semi literate investors can tell you that diversification is good for your portfolio.
but of course, Canada needs to proceed with caution to not give up too much.