The government says the province has lost out to U.S., European and other international competitors because of free trade agreements those countries already have with Korea.
It says Saskatchewan agri-food exports fell to about $50 million in 2013 from more than $225 million in 2011 — a drop of nearly 80 per cent.
Wheat sent to Korea from Saskatchewan was down to $33 million from $195 million and canola exports fell to $3 million from $22 million.
Agriculture Minister Lyle Stewart says the new deal will allow producers to regain market share.
The agreement puts an end to nearly a decade of on-again, off-again talks, and marks Canada's first free-trade foray into the Asia-Pacific region.