The Ministry of Trade, Industry and Energy (MOTIE) announced on May 17 that, on the occasion of the Korea-Canada summit meeting, Korea's MOTIE and Canada's Innovation, Science and Economic Development Canada (ISED) and Natural Resources Canada entered a memorandum of understanding (MOU) for cooperation in critical minerals supply chain, clean energy transition and energy security to bolster cooperation in trade, investment and recycling of critical minerals, hydrogen and other clean energy areas, as well as cutting-edge technology.

Canada is rich in critical minerals and currently engages in the Free Trade Agreement (FTA) and the United States–Mexico–Canada Agreement (USMCA). The country's energy mix consists of a relatively higher ratio of clean energy sources, such as natural gas and water.

It is anticipated that this MOU will advance the two countries’ intergovernmental cooperation in critical minerals and contribute to diversifying Korea’s critical minerals procurement.

MOTIE will make sure the MOU leads to substantial Korea-Canada cooperation through follow-up measures, including the activation of a bilateral communication channel.