Trade between S. Korea, Canada hits record high last year

▲ This file photo shows South Korean President Yoon Suk Yeol (L) and Canadian Prime Minister Justin Trudeau at a joint press conference following their talks in Ottawa on Sept. 23, 2022. (Yonhap)

S Korea-Canada-industry ties

Trade between S. Korea, Canada hits record high last year

SEOUL, April 10 (Yonhap) -- South Korea and Canada discussed ways Monday to further boost their trade and industry ties, as their bilateral trade reached an all-time high last year, Seoul's industry ministry said.

Trade Minister Ahn Duk-geun met with visiting members of the Canadian Parliament in Seoul, and proposed joint work in advanced industry sectors, such as batteries and artificial intelligence, to further strengthen their economic relationship, according to the Ministry of Trade, Industry and Energy.

Trade between the two hit a record high of US$16.38 billion in 2022, sharply up from $9.87 billion in 2020 and $13.08 billion in 2021, the ministry said.

The Canadian delegation expressed gratitude for major South Korean companies' advance into their nation, and stressed the need for deepening bilateral cooperation on supply chains, among other fields.

The two sides also discussed ways to clinch a memorandum of understanding on major minerals at an early date, as South Korea has sought to find new suppliers of key industrial minerals to reduce its dependence on China and to better prepare for the United States' Inflation Reduction Act (IRA).

The IRA requires batteries for electric vehicles to be made with a certain proportion of minerals mined or processed in the U.S. or countries or regions that have free trade agreements with Washington.

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