Backgrounder

From the Prime Minister's Web Site (http://www.pm.gc.ca/)

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Canada Korea Relations

February 21, 2011
Burnaby, British Columbia

Prime Minister Stephen Harper today announced the launch of the Canada Korea Foundation, which will further strengthen economic, social and political ties between Canada and South Korea.

The founding directors of the new Foundation are:

• John Park – president and managing director of RCI Capital Group. RCI is the largest manager of investor immigrant capital in Canada. It has been in business since 1996 with more than 60 employees and offices throughout Canada and Asia.
  
• Dr. Doo Ho Shin – An active partner in BC Biomedical Laboratory in Vancouver, British Columbia for over 30 years. He is presently practicing as a general pathologist with the Fraser Health Authority (largely at Surrey Memorial Hospital).
  
• Charles Kim – President and founder of Trans-Pacific Fibre Inc. and Trans-West Holdings Ltd., part of Trans-Pac Group which manages over 30,000 acres of timberland in British Columbia and United States, and specializes in wood exports to the Asian market.

Canada has long enjoyed positive relations with South Korea, and our bilateral relationship continues to develop. South Korea is also an important partner with which Canada has strong people-to-people links stemming from historical connections, increasing immigration and tourism flows, and academic exchanges.

The year 2010 resulted in a particularly high level of engagement between Canada and South Korea, as each country hosted a G-20 Summit. In Toronto in June and in Seoul in November, Representatives from Canada and South Korea worked closely together to ensure these Summits were successful.

As trading nations, Canada and South Korea support free trade and share membership in many multilateral economic organizations, including the APEC forum, the Organisation for Economic Co-operation and Development, the World Trade Organization, and the G-20. Both countries also have similar views on many multilateral and global issues, including strengthening the multilateral trading system, UN Security Council reform, and non-proliferation and disarmament.

Canada and the Republic of Korea launched negotiations toward a bilateral Free Trade Agreement in July 2005, and 13 rounds have been held to date.

Recent High Level Visits

In December 2009, Prime Minister Harper visited South Korea, where he met with President Lee Myung-bak and Prime Minister Chung Un-chan, and was the first Canadian leader to address the National Assembly. Stockwell Day, then-Canadian Minister of International Trade, made a one-day visit to South Korea during the Prime Minister's visit. The Prime Minister also visited Seoul for the G-20 Summit this past November.

Additionally, Gerry Ritz visited Korea in March and December 2009; Lawrence Cannon, Minister of Foreign Affairs, visited the country in November 2009; and Jim Flaherty visited in June 2010, October 2010 and November 2010.

Previously, Peter MacKay, Then-Foreign Affairs Minister, visited Korea in May 2007; Maxime Bernier, Then-Foreign Affairs Minister, visited in February 2008; and Then-Natural Resources Minister, Gary Lunn, visited the country in May 2008.

This past summer, Korean President Lee Myung-bak, and Finance Minister Yoon Jeung-hyun, attended the G-20 Summit in Toronto.

Trade and Investment

South Korea is Canada's seventh-largest merchandise trading partner and Canada's third-largest in Asia. Two-way merchandise trade between the two countries is robust, reaching $9.5 billion in 2009. In that same year, Canadian merchandise exports to South Korea were $3.5 billion, while Canadian merchandise imports were $5.9 billion. Canada's top merchandise exports to South Korea include mineral fuels and oils, machinery, mineral ores, aluminum and wood pulp. Canada's top merchandise imports from South Korea include vehicles, electrical and electronic equipment, machinery, mineral fuels and oils, and iron and steel.

Two-way cumulative direct investment totalled nearly $3.6 billion at the end of 2009, with foreign direct investment in Canada from South Korea reaching $2.7 billion and Canadian direct investment in South Korea reaching $921 million.

Canada and South Korea initialled the text of an air agreement on June 3, 2009. While the agreement has yet to be ratified, it is administratively in effect and has already resulted in an increase in air service between the two countries.

Shared History

A total of 26,791 Canadian troops participated in the Korean War (1950-53), sustaining a loss of 516 Canadian lives. Canada's continuing presence on the UN Armistice Commission and the UN Military Command is a reminder of our involvement in the Korean War. In 2010, the Government of the Republic of Korea undertook an ambitious campaign to commemorate the 60th anniversary of the outbreak of the Korean War.

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The Prime Minister's Office - Communications
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