Director General level ROK Canada 2+2 Economic Security Dialogue

- ROK-Canada 2+2 (Diplomacy and Industry) meeting at the Director-General-level takes place

- ROK and Canada discuss strengthening bilateral cooperation on supply chains and economic security

1. On July 24, Kim Jin-dong, Director-General for Bilateral Economic Affairs of the Ministry of Foreign Affairs, and Chang Sung Gil, Director General for Trade Policy Coordination of the Ministry of Trade, Industry and Energy, had a virtual meeting with Joya Donnelly, Director General for North-East Asia at Global Affairs Canada (GAC), and James Burns, Director General of the Investment Review Division of the Innovation, Science, and Economic Development Canada (ISED). This meeting was a follow-up to the ROK-Canada 2+2 High-level Economic Security Dialogue, which was launched on May 16 last year. The participants exchanged views on ways to strengthen cooperation in areas such as supply chains, including critical minerals, and critical and emerging technologies.

※ ROK-Canada 2+2 High-level Economic Security Dialogue (May 16 2023 / Seoul)

- Participants: (ROK) Minister of Foreign Affairs, Park Jin, and Minister for Trade, Ahn Duk Geun / (Canada) Minister of Foreign Affairs, Mélanie Joly, and Minister of Innovation, Science, and Industry, François-Philippe Champagne.

- Agenda: economic security issues, including △supply chains, △clean energy, and △critical and emerging technologies

2. Both sides acknowledged that the instability caused by supply chain disruptions is increasing amid the rapid changes in the external environment, such as the reorganization of global value chains and the rise of protectionism among countries. They agreed on the importance of close cooperation between the two countries to enhance the supply chain resilience. In particular, they appreciated the action plan for the MOU developed in April this year on critical minerals essential for clean energy transition. They also agreed to continue cooperation on diversifying global supply chains through the Minerals Security Partnership (MSP), chaired by Korea.

3. They noted that critical and emerging technologies will bring about paradigm shifts in global economic security, and agreed to strengthen cooperation on standards for these technologies. Additionally, the Korean side appreciated the enhanced investment cooperation between Korean and Canadian companies and requested the Canadian government to continue supporting the Korean companies in Canada with their business operations.

4. Meanwhile, the two countries reaffirmed the agenda discussed at the ROK-Canada 2+2 High-level Economic Security Dialogue held on May 16 last year and agreed to thoroughly prepare for the next meeting. Through this Dialogue, the foreign ministries and the industrial ministries of both countries agreed to closely consult with each other, to share policies on key economic security issues, and actively exchange opinions, as well as to strive to explore more substantive deliverables for cooperation.

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