Launch of Korea-Canada director-level economic policy dialogue
Kim Jin-dong, Director of the Bureau of Bilateral Economic and Diplomacy, held a Korea-Canada director-level economic policy dialogue with Lynn McDonald, Director of the Canadian Bureau of International Economic Policy, in Ottawa, Canada, on Friday, May 3.
This dialogue was launched to enhance joint response capabilities in the field of economic security according to the agreement between the two leaders at the Korea-Canada summit held in May last year. We discussed ways to strengthen cooperation between the two countries in areas such as minerals and the ▴Industry Strategy.
※ Korea-Canada Summit Joint Declaration: “To further enhance our common understanding and capacity to respond to threats, challenges and opportunities to our economic stability, trade and investment flows, we are launching a high-level economic policy dialogue between the foreign ministries of the two countries. “I announce.”
Director Kim emphasized the importance of cooperation with a trustworthy partner like Canada in a situation where economic and security risks are emerging, such as geopolitical conflicts intensifying and protectionist trade policies in each country strengthening. Director McDonald agreed with this, saying that uncertainty in the economic environment is increasing because the rules-based international order is not functioning properly, and called for joint efforts to strengthen existing systems such as the WTO.
Both sides explained the cross-ministerial efforts being implemented by each country to stabilize the supply chain, and agreed to continue sharing related information in the future as cooperation between countries is necessary to effectively respond to global supply chain disruptions. In addition, both sides agreed that there is great potential for cooperation in the energy field between Canada, a resource-rich country, and Korea, which has excellent manufacturing capabilities, and strengthened cooperation at the SODA level, such as bilateral cooperation in the core minerals field and the Core Minerals Security Partnership (MSP). I decided to go out. In addition, Director Kim requested much interest and support for the activities of Korean companies related to the small modular reactor (SMR) and LNG projects that Canada is promoting.
Meanwhile, the two sides agreed to cooperate to successfully host and achieve results at the AI Seoul Summit to be held this month, the APEC Summit and G7 Summit in 2025, chaired by Korea and Canada, respectively. They also agreed that there are many points of contact in the vision and cooperation areas of the two countries’ Intai Strategy and agreed to closely cooperate in the process of implementing the Intai Strategy.
The two sides agreed to continue to actively cooperate to respond to economic and security risks by utilizing various consultative bodies, including the 2+2 High-Level Economic and Security Dialogue*. In addition, they evaluated that exchanges, including investment, between companies on both sides are gradually becoming more active, and decided to continue providing support for the smooth activities of companies.
Editor Miso
