Canada and South Korea have agreed to further strengthen ties and work to secure value chains for critical minerals, batteries, and electric vehicles, according to a government release posted on 17 May.
Both leaders, Canadian Prime Minister Justin Trudeau and South Korean President Yoon Suk Yeol, signed a memorandum of understanding during Trudeau’s bilateral visit to mark the 60th anniversary of diplomatic relations. The memorandum will help to ensure the supply of critical minerals, the green energy transition, and energy security between the two countries.
“Canada is ready to strengthen our partnership with friends like Korea on everything from critical minerals to high-tech innovation to clean energy solutions.” Trudeau said in a statement.
The agreement is part of Canada’s strategy to further itself as a reliable critical minerals, hydrogen, and clean energy supplier.
Whilst in South Korea, Trudeau also met with South Korean business leaders to help position Canada as an “investment destination of choice.”
“Canada can be a very good choice for Korean companies to diversify their supply of critical minerals.” said Lim Woongsoon, South Korean Ambassador, to Global News.
Canada and South Korea enjoy close relations and are Canada’s only bilateral free trade agreement partner in the Asia-Pacific region. According to the Canadian government, they have exported C$8.6B worth of materials to South Korea last year alone, including exports of precious stones, ore, and metals.