Canada and South Korea sign MOU to expand trade in autos and minerals

Canada and South Korea signed a memorandum of understanding that establishes a Canada‑Korea Industrial Cooperation Committee to focus on future mobility, automotive production, battery supply chains and critical minerals.

Canada and South Korea signed a memorandum of understanding in Ottawa to deepen trade ties. Industry Minister Melanie Joly met with Korean counterparts and the agreement establishes a Canada‑Korea Industrial Cooperation Committee focused on "future mobility." The move comes as Canada seeks alternative trading partners amid global trade tensions and U.S. tariffs. Key details: - The MOU was signed in Ottawa and creates the Canada‑Korea Industrial Cooperation Committee to coordinate on future mobility and related sectors. - The committee will focus on establishing a footprint for Korean automotive production in Canada, including electric vehicle manufacturing opportunities, though no investment amounts were provided. - The agreement highlights cooperation on battery supply chains, materials processing, critical minerals processing and recycling, and lists artificial intelligence among strategic sectors. - Officials said the MOU is intended to diversify exports and strengthen supply chain and energy resilience; the release gave no specifics on companies, investment figures or job numbers. Summary: Officials described the MOU as a step to deepen cooperation on automotive production, batteries and critical minerals and to diversify Canada’s exports. Undetermined at this time.