S. Korea, Canada vow to boost trade, supply chain ties during ministerial talks

All News 14:39 January 17, 2022

SEOUL, Jan. 17 (Yonhap) -- The top trade officials of South Korea and Canada agreed Monday to strengthen cooperation on supply chains of key materials and other trade issues, Seoul's industry ministry said.

Seoul's Trade Minister Yeo Han-koo and his Canadian counterpart, Mary Ng, reached the consensus during a video conference earlier in the day, according to the Ministry of Trade, Industry and Energy.

During the meeting, the two sides vowed to boost ties in supply chains of raw materials and major minerals by promoting bilateral investment and exchanges in the related sectors.

Yeo also explained Seoul's push to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and voiced hope for close work with Canada within the framework.

The CPTPP, a renegotiated version of the Trans-Pacific Partnership (TPP), is signed by 11 countries, including Canada, Japan, Australia, New Zealand and Mexico.

"The two ministers also agreed to work more closely in terms of digital trade, vaccines and climate change, and vowed to push for a joint committee meeting on the bilateral free trade agreement (FTA)," the ministry said in a release.

South Korea and Canada implemented the bilateral FTA in January 2015, and have held three rounds of talks to check its implementation.

Two-way trade stood at US$12.05 billion as of November last year, up 40 percent from 8.61 billion in 2015, according to government data.