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South Korea and Canada hold industry minister talks to reshape key mineral supply chain

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Yonhap News Agency, Seoul, November 25th. South Korean Minister of Trade, Industry and Energy Li Changyang held talks with Canadian Minister of Innovation, Technology and Economic Development Francois-Philippe Champagne (Francois-Philippe Champagne) in Seoul on the 25th. The two sides decided to carry out extensive cooperation on key minerals, new materials, storage batteries, electric vehicles and other value chains.

The two ministers decided to sign an intergovernmental key mineral supply chain cooperation agreement (MOU) as soon as possible based on the agreement of the South Korea-Canada summit meeting in September this year, so as to expand the mineral trade that was previously dominated by common minerals such as soot and iron ore to nickel. , cobalt and other key mineral fields, and establish a win-win cooperative relationship.

In view of the fact that the United States' "Inflation Reduction Act" requires a certain proportion of key minerals manufactured on friendly shores in the electric vehicle tax credit conditions, the Ministry of Industry and Trade expects that Korea-Canada mineral cooperation will help improve trade stability.

The ministers of the two countries agreed to hold the diplomatic and industrial "2+2" high-level economic and security dialogue for the first time next year, which is the 60th anniversary of the establishment of diplomatic relations between South Korea and Canada, and jointly break the deadlock in the supply chain.

Li Changyang also asked the Canadian side to pay attention to and support Busan's bid to host the 2030 World Expo. Since the free trade agreement between South Korea and Canada came into effect in 2015, the bilateral trade volume has continued to grow, hitting a record high of US$13.1 billion last year. Recently, cooperation has also been strengthened in key areas such as electric vehicles, power batteries, and artificial intelligence. (Finish)

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