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

(Ministry of Trade, Industry and Energy)

Top trade officials from South Korea and Canada agreed on Monday to boost cooperation on key materials supply chains and other trade issues, Seoul’s industry ministry said.

Seoul Commerce Minister Yeo Han-koo and his Canadian counterpart Mary Ng reached consensus during a video conference earlier today, according to the Ministry of Commerce, Industry and Health. Energy.

During the meeting, the two sides pledged to strengthen ties in the supply chains of raw materials and key minerals by promoting bilateral investment and trade in related sectors.

Yeo also explained Seoul’s efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and expressed hope for close collaboration with Canada in this 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 pledged to press for a joint meeting of the committee on the bilateral free trade agreement (FTA)” , the ministry said in a statement.

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

Bilateral trade stood at $12.05 billion in November last year, up 40% from $8.61 billion in 2015, according to government data. (Yonhap)

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