Trade Minister Cheong In-kyo recently convened a meeting with a prominent Canadian business delegation, led by counterpart Mary Ng, in Seoul. Their discussions centered on strategies to enhance bilateral trade and industry collaboration, officials reported Monday.
The visit by the Canadian business delegation marked a significant milestone, representing the largest of its kind since Seoul and Ottawa established the comprehensive strategic partnership in 2022.
During the meeting, Minister Cheong expressed aspirations to broaden bilateral cooperation beyond existing sectors such as natural gas, key minerals, and batteries. He proposed including emerging fields like clean energy and small modular reactors in their collaborative agenda.
Furthermore, Minister Cheong urged Canada to closely oversee the operations of South Korean companies within its borders. He emphasized the importance of ensuring unhindered establishment of supply chains and execution of investments for these companies.
In addition to the main meeting, Minister Cheong also engaged in discussions with Goldy Hyder, President of the Business Council of Canada, who led the business delegation.
Highlighting the pivotal role of the private sector, Minister Cheong emphasized its significance in leveraging business opportunities resulting from the collaborative efforts of the two governments.
Furthermore, the two nations held a joint committee meeting on the bilateral free trade agreement, effective since 2015.
"South Korea and Canada remain committed to establishing a free and rule-based international trade order," remarked Minister Cheong.
According to ministry data, the trade volume between South Korea and Canada reached $14.6 billion in 2023, marking a substantial increase of approximately 70 percent from $8.6 billion recorded in 2015.
#ITCNewsUpdates #BreakingNews #TradePartnership #BilateralCooperation #InternationalTrade #EconomicRelations #NewsUpdate
