LOS CABOS, Mexico (Yonhap) -- South Korean President Lee Myung-bak and Canadian Prime Minister Stephen Harper agreed Monday to work together to further boost economic cooperation between the two countries, especially in energy and resources such as shale gas development.
Meeting on the sidelines of a summit of the Group of 20 major economies in Mexico's resort city of Los Cabos, the two leaders agreed that bilateral relations have been steadily moving forward, with bilateral trade volume topping US$10 billion last year.
"Besides bolstering trade and investment between the two countries, the two leaders agreed to make efforts to boost cooperation in the energy and resources area, including shale gas," the presidential office said in a statement.
Shale gas refers to natural gas, mainly methane, that is produced from shale formations. It has become an increasingly important source of natural gas in the United States as advancement in drilling technologies has made it possible to access large volumes of shale gas that were previously uneconomical to produce.
Lee and Harper also agreed that North Korea should carry out its international obligations, such as halting its nuclear and missile programs, and should focus on improving the livelihoods of its people. They pledged to continue to cooperate closely on North Korea issues.
The two countries forged diplomatic relations in 1963 and next year marks the 50th anniversary. Bilateral trade volume amounted to $11.5 billion last year. Monday's summit was the fifth between Lee and Harper.