Budget 2024

Tax and spend fiscal plan will inhibit growth

Enhancing bilateral economic cooperation and business opportunities between Korea and Canada

by
Taeho Bark – Senior Advisor, Lee & Ko

As the COVID-19 pandemic resurges, uncertainties in the world economy are not declining. Many countries continue to adopt and maintain protectionist policies to safeguard domestic industries and labors. In addition, the U.S.-China trade disputes have expanded into trade, security and science and technology, raising concerns in many countries. Furthermore, the multilateral trading system of WTO currently faces numerous challenges. Under these circumstances, it would be important for middle-power countries like Korea and Canada to discuss how they would cooperate and expand bilateral economic relations in the future.

This report tries to find industry-specific cooperation opportunities by comparing the current state of the economy, trade and industries of Korea and Canada. In addition, as the COVID-19 pandemic accelerates global engagement in ‘green and digital transformation’, the governments of Korea and Canada have implemented relevant initiatives to promote future transformation. With this as a background, this report also draws pathways for the relevant industries to cooperate in responding to the twin transformations. This report also provides some recommendations for the two countries to enhance future bilateral cooperation not only in trade but also in investment and R&D activities.