Korea, Canada discuss supply chain disruptions, Seoul's submarines bid at '2+2' talks

President Lee Jae Myung, center right, speaks with Canadian Prime Minister Mark Carney, center left, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders' meeting in Gyeongju, Korea, Oct. 30. Courtesy of the Korean presidential office

Korea and Canada on Wednesday discussed joint efforts to address global supply chain disruptions and other shared issues, including Seoul's bid for a multibillion-dollar Canadian patrol submarine project, officials said.

The discussions took place during their "two plus two" working-level talks between foreign and industry officials as the two countries step up efforts to strengthen their partnership amid growing supply chain bottlenecks and other geopolitical challenges.

At the talks, the two sides shared the need for greater cooperation to overcome various risks arising from a changing geoeconomic environment and widening trade protectionism, the foreign ministry said.

In particular, they discussed establishing a bilateral early warning system using their diplomatic missions to respond to supply chain disruptions.

Seoul officials also outlined plans related to Korea's push to secure the Canadian Patrol Submarine Project and conveyed its commitment to the potential collaboration as part of efforts to further expand strategic and economic cooperation with Canada, the ministry said.

Korea is seeking to win the deal, estimated at around 60 trillion won ($41 billion), to supply up to 12 patrol submarines to Canada. A Korean consortium of Hanwha Ocean and HD Hyundai Heavy Industries and Germany's ThyssenKrupp Marine Systems are in the high-stakes competition.

The two sides agreed to work together on preparations for their envisioned "two plus two" ministerial talks.

Leading Wednesday's talks on the Korean side were Kim Sun-young, director-general for bilateral economic affairs at the foreign ministry, and Kim Young-man, acting director-general for trade policy at the industry ministry.

Representing the Canadian delegation were Joya Donnelly, director-general for Northeast Asia; Emmanuelle Lamoureux, director-general for strategy at Global Affairs; and Jamieson Mckay, director general for foreign investment review and economic security at Innovation, Science and Economic Development.