{"id":2200684,"date":"2023-04-11T08:00:48","date_gmt":"2023-04-10T23:00:48","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200684"},"modified":"2023-04-10T20:28:51","modified_gmt":"2023-04-10T11:28:51","slug":"south-korea-and-canada-celebrate-diplomatic-ties-and-push-for-more-cooperation","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/south-korea-and-canada-celebrate-diplomatic-ties-and-push-for-more-cooperation\/","title":{"rendered":"South Korea and Canada celebrate diplomatic ties and push for more cooperation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On Monday, South Korean foreign minister Park Jin <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230410007000325?section=news\"><span style=\"font-weight: 400;\">commemorated<\/span><\/a><span style=\"font-weight: 400;\"> the 60th anniversary of diplomatic ties between the ROK and Canada by meeting with a Canadian Senate and House of Commons delegation visiting South Korea. Park said that relations between the two countries were \u201ccloser than ever before\u201d but also stressed the need to develop ties further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The delegation also <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230410005700320?section=news\"><span style=\"font-weight: 400;\">met<\/span><\/a><span style=\"font-weight: 400;\"> with trade minister Ahn Duk-geun who proposed the countries work jointly in advanced industry sectors, such as batteries and artificial intelligence, to further strengthen their economic relationship. Trade between the two countries hit a record high of US$16.38 billion in 2022.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Improving trade with Canada is vital for South Korea, as Canada possesses rich <\/span><a href=\"https:\/\/www.mining.com\/web\/canada-south-korea-seek-deeper-cooperation-on-critical-minerals\/\"><span style=\"font-weight: 400;\">natural resources<\/span><\/a><span style=\"font-weight: 400;\">, such as lithium, cobalt and nickel, that ROK manufacturers use to make electric vehicles (EVs). China could control <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-13\/china-could-control-a-third-of-the-world-s-lithium-by-2025#xj4y7vzkg\"><span style=\"font-weight: 400;\">a third<\/span><\/a><span style=\"font-weight: 400;\"> of the world\u2019s lithium supply by 2025. As market watchers fear that China might weaponize its control of rare earth metals in response to Western nations and their allies ramping up economic pressure on Beijing, Seoul urgently needs to find alternative sources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canada also serves as an alternate investment zone in North America for South Korean businesses that seek to take advantage of the U.S.-Mexico-Canada Agreement (<\/span><a href=\"https:\/\/www.trade.gov\/usmca\"><span style=\"font-weight: 400;\">USMCA<\/span><\/a><span style=\"font-weight: 400;\">) and the Inflation Reduction Act (<\/span><a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/text\"><span style=\"font-weight: 400;\">IRA<\/span><\/a><span style=\"font-weight: 400;\">) to access the U.S. consumer market. Aside from helping South Korean businesses to diversify their supply chain, investing in production plants in Canada \u2014 as <\/span><a href=\"https:\/\/www.prnewswire.com\/news-releases\/lg-energy-solution-partners-with-three-canadian-suppliers-to-augment-key-battery-material-supply-chain-in-north-america-301630819.html\"><span style=\"font-weight: 400;\">LG Energy Solution<\/span><\/a><span style=\"font-weight: 400;\"> has already done \u2014 will allow them to counter U.S. <\/span><a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/row-over-ev-subsidy-rules-overshadows-skorean-presidents-first-us-visit-2022-09-19\/\"><span style=\"font-weight: 400;\">tax penalties<\/span><\/a><span style=\"font-weight: 400;\"> on foreign-made electric vehicles.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>On Monday, South Korean foreign minister Park Jin commemorated the 60th anniversary of diplomatic ties between the ROK and Canada by meeting with a Canadian Senate and House of Commons delegation visiting South Korea. Park said that relations between the two countries were \u201ccloser than ever before\u201d but also stressed the need to develop ties [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2200684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea and Canada celebrate diplomatic ties and push for more cooperation - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/south-korea-and-canada-celebrate-diplomatic-ties-and-push-for-more-cooperation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and Canada celebrate diplomatic ties and push for more cooperation - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"On Monday, South Korean foreign minister Park Jin commemorated the 60th anniversary of diplomatic ties between the ROK and Canada by meeting with a Canadian Senate and House of Commons delegation visiting South Korea. 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