Draft:Canada-South Korea Trade Relations
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South Korea is Canada’s seventh largest trading partner.
[1]
Canada and South Korea entered into the Canada-Korea Free Trade Agreement on January 1, 2015, after nearly a decade of deliberation.
[2]
[3]
In 2023, Canada and South Korea had a total merchandise trade of $20.9 billion. Canada exported $7 billion of mainly mineral fuels, ores, meat, wood pulp, and electrical machines and equipment while South Korea imported $13.9 billion worth of primarily motor vehicles, machinery, electrical machines and equipment, iron, and steel.
[4]
In 2022, Canadian investment in Korea reached a total of $4.3 billion USD while Korean investment in Canada reached $15.7 billion USD.
[5]
History
[edit]Canada-Korea Free Trade Agreement
[edit]Challenges
[edit]In May 2003, a Canadian cow was found to have bovine spongiform encephalopathy (BSE), also known as mad cow disease. Later that same year, a cow in the United States was also found to have BSE. Shortly after this discovery South Korea implemented a ban on Canadian and American beef. [6] [7] After facing public discontent following the removal of the ban of American beef, South Korea refused to lift the ban on Canadian beef at the risk of further upsetting the public. Following the beginning of discussions surrounding free trade between the two countries, the ban on Canadian beef remained a source of contention. In 2009, the World Trade Organization set up a dispute settlement panel to settle the issue of the ongoing ban of Canadian beef in South Korea due to the ban’s violation of South Korea’s WTO obligations. [8] The ban on Canadian beef was not lifted until early 2012. [9]
After the Canada-Korea Free Trade Agreement
[edit]In May 2023, Canada and South Korea agreed to implement the Canada-Korea Comprehensive Strategic Partnership (CSP). The CSP aims to deepen the bond between Canada and South Korea by promoting bilateral discussions on issues including but not limited to: defending international rule of law, strengthening each nation’s security, deepening economic ties, energy and environmental concerns, and expanding health and culture ties. [10]
By sector
[edit]Agriculture
[edit]Due to limited domestic production of food, South Korea relies on imports. In 2022 Canada was South Korea’s ninth largest supplier of food and seafood products, with top imports including canola oil, wheat, and pork. Key provinces involved in producing these goods were Saskatchewan which produced a majority of canola oil and wheat, Alberta which contributed heavily to beef exports, Manitoba which supplied the most pork, and Ontario which produced the most soy beans. [11]
Oil and Gas
[edit]In 2009, the Korea National Oil Corp (KNOC) bought Harvest Energy Trust, an Alberta based oil company, for 3.9 billion Canadian dollars. [12]
Energy
[edit]On March 23, 2022, LG Energy Solution Ltd. and Stellantis announced plans to build the first large scale electric vehicle battery manufacturing plant in Windsor, Ontario. The Canadian government offered $15 billion in tax breaks in support of the project. [13] [14] [15]
Automobiles
[edit]Hyundai Motor Company founded Hyundai Motor America on February 20, 1986.
See also
[edit]- Canada-South Korea relations
- Canada-Korea Free Trade Agreement
- Canada-North Korea relations
- Foreign relations of Canada
- Foreign relations of South Korea
- Economy of Canada
- Canada's Global Markets Action Plan
References
[edit]- ^ Canada-the Republic of Korea relations. Canada and the Republic of Korea (Report). The Government of Canada. 2024-06-19. Retrieved 2025-03-25.
- ^ Canada and South Korea Celebrate Entry into Force of Free Trade Agreement. News (Report). The Government of Canada. 2015-01-01. Retrieved 2025-03-24.
- ^ Prime Minister to participate in APEC Leaders' meeting in Busan, South Korea. News (Report). The Government of Canada. 2005-11-09. Retrieved 2025-03-25.
- ^ Canada-the Republic of Korea relations. Canada and the Republic of Korea (Report). The Government of Canada. 2024-06-19. Retrieved 2025-03-25.
- ^ Korea-Canada Bilateral Relations. Bilateral Relations (Report). Embassy of the Republic of Korea to Canada. Retrieved 2025-03-23.
- ^ "Study: Mad cow disease and Canada's trade in beef". The Daily. Statistics Canada. 2003-11-05. Retrieved 2025-03-25.
- ^ "Countries move to ban U.S. beef". Business. Cable News Network. 2003-12-04. Retrieved 2025-03-21.
- ^ "WTO Creates Panel Over Korea-Canada Beef Dispute". Companies. The Korea Times. 2009-09-01. Retrieved 2025-03-23.
- ^ Harper Government Takes Steps to End WTO Challenge on South Korea’s Ban on Canadian Beef Imports (Report). Global Affairs Canada. 2012-06-18. Retrieved 2025-03-24.
- ^ Action Plan: Implementing the Canada-Korea Comprehensive Strategic Partnership (Report). Global Affairs Canada. 2024-07-25. Retrieved 2025-03-25.
- ^ Bernardi, Laurie (2024-12-10). Market Overview – South Korea (Report). Government of Canada. Retrieved 2025-03-24.
- ^ "Korea's $3.9 Billion Oil And Gas Buy". Forbes. 2009-10-22. Retrieved 2025-03-25.
- ^ "Stellantis and LG Energy Solution to Invest Over $5 Billion CAD in Joint Venture for First Large Scale Lithium-Ion Battery Production Plant in Canada". Stellantis. 2022-03-23. Retrieved 2025-03-25.
- ^ CIMM – NextStar / Stellantis / LG Energy Solution – December 05, 2023 (Report). Government of Canada. 2024-04-03. Retrieved 2025-03-25.
- ^ "New deal for Windsor EV battery plant worth $15B in tax breaks, Ontario minister says". Canadian Broadcasting Corporation. 2023-07-05. Retrieved 2025-03-25.