With Korea’s ever-growing thirst for energy, a free trade pact with Canada will help diversify the country’s supply lines and expand access to the North American nation’s vast resources reserves, the ambassador to Canada said Wednesday.
Seoul and Ottawa launched negotiations for a free trade agreement in 2005 but remain at odds chiefly over agricultural products such as beef and pork, and industrial items including cars.
Ambassador Cho Hee-yong expressed hopes for a breakthrough this year, which he said will bring the bilateral ties to a new level with “symbolic and strategic significance.”
 |
Cho Hee-yong. ( Kim Myung-sub/The Korea Herald) |
“An FTA fits (Canadian Prime Minister) Stephen Harper’s policy focus on the Asia Pacific and will help curb Canada’s heavy economic reliance on the U.S.,” he said in an interview with The Korea Herald.
“For us, it will not only boost our exporters but also bring a positive change in our energy security by facilitating investment in resources development and related infrastructure.”
Before serving in Canada since last July, the career diplomat took up various key posts including ambassador to Sweden, chief of protocol, spokesperson, embassy minister councilor in Manila, and councilor in Washington.
Marking the 50th anniversary this year, relations between Korea and Canada have become ever more mature and multifaceted, Cho said.
He summed up their “special partnership” in three terminologies ― staunch allies, ideal partners and likeminded countries ― citing Canada’s contribution during the 1950-53 Korean War, growing economic and people-to-people exchanges, and their shared universal values and cooperation on global issues.
The two countries have agreed to hold annual strategic dialogue upgraded to the deputy ministerial level starting this year.
“Korea and Canada are showing almost perfect partnership on the international stage from the U.N. and the World Trade Organization to the Arctic Council and the Group of 20 summit.” Cho said.
“The strategic dialogue will systemize their cooperation by discussing concrete road maps in such areas as development assistance and Arctic issues.”
On the economic front, the ambassador is setting sights on Canada’s ample resources deposits. The mineral-rich country is known to hold natural gas reserves sufficient to supply for 200 years and major shale gas and oil sand fields.
Bilateral trade volumes have shot up more than 44 percent from 2007 to about $10.1 billion last year.
Korea has invested some $11 billion in Canada over the past 40 years, around 70 percent of which were energy-related. Ottawa has funneled about $5.5 billion during the same period.
Korea’s Knowledge Economy Ministry (currently Ministry of Trade, Industry and Energy) clinched a memorandum of understanding with Canada’s Natural Resources Ministry last year. It also has similar agreements respectively with state governments of Alberta and British Columbia.
To boost people-to-people exchanges among the youth, the two countries are discussing ways to expand the “working holiday” program, Cho noted.
About 250,000 people travel between the two countries every year. About 230,000 Koreans live in Canada while 23,000 Canadians are in Korea.
“We’re trying to make the program more comprehensive by including the visa category. The quota will increase and the one year length of their stay will become more flexible,” he said.
By Shin Hyon-hee (
heeshin@heraldcorp.com)
