Ministry of Trade, Industry and Energy

Director General for Trade Policy Chang Sung-gil at the Ministry of Trade, Industry and Energy (MOTIE) and Director-General for Bilateral Economic Affairs Kim Jin-dong at the Ministry of Foreign Affairs (MOFA) held a videoconference with Senior Director for Foreign Investment Review and Economic Security James Burns at Innovation, Science and Economic Development Canada and Director General for North-East Asia Joya Donnelly at Global Affairs Canada on July 24 to exchange views on measures to bolster cooperation in critical minerals, supply chains, and core and emerging technology areas as part of follow-up measures to the Korea-Canada 2+2 High-Level Dialogue on Economic Security launched on May 16, 2023.

In light of increasing instability from supply chain disruptions caused by global value chain shifts and rising protectionism, both sides agreed on the importance of close cooperation for stronger supply chain resilience. With the implementation plan for the “Korea-Canada Memorandum of Understanding (MOU) on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security” established this April, the two sides decided to continue cooperation centered around the Minerals Security Partnership (chaired by Korea) for diversifying the global supply chain, while also furthering standards cooperation in core and emerging technology areas anticipated to spur changes in the global economic security paradigm. Taking note of the enhanced investment cooperation between the two countries’ companies, the Korean delegation requested Canada’s continued support for Korean firms’ smooth local business operations.

Meanwhile, both sides reaffirmed the agreed outcomes from the Korea-Canada 2+2 High-Level Dialogue on Economic Security held in May last year and agreed to prepare for the next meeting by leveraging this bilateral working-level communication channel between their industry and foreign affairs authorities. They also plan to share policies regarding major economic security issues and actively exchange opinions to uncover joint projects that would enable more tangible cooperation.