Canada launches high-level economic security dialogue with South Korea

SEOUL, Republic of Korea, May 17, 2023 /CNW/ - On Tuesday, the Honourable Mélanie Joly, Minister of Foreign Affairs, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, launched a high-level economic security dialogue with their Korean counterparts, Park Jin, Minister of Foreign Affairs, and Ahn Dukgeun, Minister for Trade.

The launch of the dialogue reflects the increasing importance of economic prosperity and national security amid geopolitical challenges. It also underscores the continued need for a rules-based international order.

Canada and South Korea are seeking to work together to strengthen and secure value chains in key areas including critical minerals, batteries, artificial intelligence and electric vehicles, while ensuring high labour and environmental standards.

While in South Korea, Minister Champagne also met with top business and industry leaders, including representatives of Hyundai Motor Company, Solus Advanced Materials, Hanwha Group and EcoPro. The Minister took this opportunity to highlight Canada's strong investment environment and opportunities for strengthening partnerships in the transition to a net-zero economy.

As fellow Pacific nations, Canada and South Korea both have a defining role to play in promoting and ensuring  long-term economic prosperity and security in the Indo-Pacific region.

Canada and South Korea enjoy close relations, strengthened by people-to-people ties and by Canada's first and only bilateral free trade agreement in the Asia-Pacific region?the Canada-Korea Free Trade Agreement.

"Canada and the Republic of Korea have a long-standing partnership. Korea is a strong and trusted partner with which Canada continues to deepen and strengthen its cooperation through this new economic security dialogue, building on shared priorities as we put our Indo-Pacific strategies into action."

? The Honourable Mélanie Joly, Minister of Foreign Affairs

"As a Pacific nation, Canada recognizes that the Indo-Pacific region is critically important to the long-term prosperity and economic security of Canadians. Our government looks forward to deepening strategic ties to help build economic resiliency and provide new market opportunities for both Canadian and South Korean businesses, while strengthening partnerships in key sectors."

? The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

• Canada launched the Indo-Pacific Strategy on November 27, 2022, highlighting the importance of Canada-Korea collaboration on economic security in the context of emerging strategic challenges and supply chain disruptions.
• On December 28, 2022, South Korea also launched its Indo-Pacific Strategy, which aims to expand regional economic security networks for stable and resilient supply chain management, while promoting free trade and a rules-based economic order in the Indo-Pacific.
• Minister Joly met with Foreign Affairs Minister Park Jin in Seoul on April 15 to review progress in the implementation of the Comprehensive Strategic Partnership launched in September 2022 and explore concrete ways to collaborate under the countries' Indo-Pacific strategies.

• Minister Joly strengthens security cooperation with the Republic of Korea
• The Republic of Korea and Canada: Stronger Together ? Joint Leaders' Statement
• Minister Champagne concludes visits to Japan and South Korea

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SOURCE Innovation, Science and Economic Development Canada