Canada and South Korea Conclude Negotiations on Science, Technology and Innovation Agreement
July 20, 2015 - Ottawa, Ontario
International Trade Minister Ed Fast today announced the conclusion of negotiations of an agreement on science, technology and innovation (ST&I) between Canada and South Korea. This delivers on the commitment to develop an agreement first announced by Prime Minister Stephen Harper and South Korea’s President Park Geun-hye during President Park’s visit to Canada on September 22, 2014.
The ST&I agreement will establish a formal framework for Canada’s collaboration on science, technology and innovation with South Korea, which is one of the world’s most innovative economies and top funders of research and development (R & D). Once the ST&I agreement with South Korea enters into force, Canada will have treaty-level ST&I commitments in place with key ST&I-priority Asian partners, namely South Korea, China, India and Japan.
This agreement will complement and support the Canada-Korea Free Trade Agreement by enhancing business-to-business linkages between Canada and South Korea.
- Since 2006, the Government of Canada has provided over $11 billion in new resources to support research, infrastructure and private sector innovation. This has included more effective alignment of federal support with business needs.
- Priority areas for collaboration will be identified and aligned with the Government of Canada’s Global Markets Action Plan as well as Canada’s Science, Technology and Innovation Strategy. The most promising sectors for cooperation are expected to be aerospace, automotive, energy (including sustainable technologies), advanced manufacturing, health and life sciences (including pharmaceuticals and medical devices), and information and communications technology.
- Canada’s Budget 2015 allocated $1 million per year for joint industrial R & D under the ST&I agreement with South Korea. Before entering into force, the agreement needs to be signed by Canada and South Korea, tabled in Parliament, and ratified by both countries.
“Once ratified, this new agreement on science, technology and innovation will enhance opportunities for Canadian firms, research institutes and universities to gain access to networks, technology and talent in South Korea, undoubtedly one of the world’s most innovative economies.
“This agreement builds on the landmark Canada-Korea Free Trade Agreement, which launched our two countries into a new era of economic relations, creating jobs and opportunities in both our countries.”
- Ed Fast, Minister of International Trade