BREAKING: Prime Minister Lee and Canadian Prime Minister Carney sign Security and Defense Partnership, promising support for a 60 trillion won order.

Credit to Reporter Seo Young-jun

President Lee Jae-myung and Canadian Prime Minister Mark Carney held a summit on the 30th at the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju. The two leaders issued a joint statement titled "Strategic Partnership in Defense and Security." Analysts say the meeting has significantly increased the likelihood that Hanwha Ocean and HD Hyundai Heavy Industries will win a 60 trillion won submarine project.

The joint statement contains a roadmap for deepening bilateral cooperation in interconnected strategic areas such as security, national defense, cyber, space, and complex threats. The two leaders wrote in the statement, "We reaffirm that the 'Republic of Korea-Canada Comprehensive Strategic Partnership' remains strong and vibrant amidst a rapidly changing global environment."

They continued, "Building on the achievements of the first Foreign and Defense Ministerial (2+2) Meeting held in November of last year, we welcome the establishment of the 'Republic of Korea-Canada Security and Defense Cooperation Partnership.'" This is Canada's first partnership with a country in the Indo-Pacific region.

The two leaders also stated that "This monumental partnership provides a clear and action-oriented framework to accelerate defense cooperation, enhance interoperability and readiness, promote defense industry cooperation, and jointly contribute to regional and global stability." They also stated that "It will advance a free, open, and rules-based Indo-Pacific region, support defense industry innovation and resilience, and underpin efforts to create new opportunities for workers and businesses in South Korea and Canada."

The two leaders concluded negotiations on the "Safeguard Agreement on Military and Defense Information." In their statement, the two leaders stated that this agreement "will provide a secure and reliable framework for the exchange and protection of classified information to support deepening cooperation in defense, security, and the defense industry."

They also stated, "When this agreement enters into force, it will serve as a key milestone in the development of the strategic partnership between Korea and Canada by establishing a legal foundation for further strengthening cooperation in the areas of defense procurement, defense industrial security, research, and operational coordination.”

Finally, they wrote, "In an increasingly turbulent world, Korea and Canada are jointly contributing to strengthening and diversifying our trade and defense relationship to address shared challenges. We recognize that threats to our security and prosperity are more interconnected than ever before, and we reaffirm our commitment to deepening cooperation as strategic partners in defense and security."

In his meeting with Prime Minister Carney that day, President Lee said, “Canada is a key ally to the Republic of Korea, going beyond a simple ally,” and added, “We have already been cooperating in various areas, not only in the defense sector but also in the economic sector as you mentioned, and we will continue to expand cooperation in the future.”

Prime Minister Carney said, “This year marks the 10th anniversary of the Free Trade Agreement (FTA) between our two countries,” and added, “The relationship in trade is especially important, and defense cooperation is also increasing, and cultural exchanges are also increasing even more, so I think it is a very important time.”

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Noah Note: Aaaaand there it is! I knew an agreement was coming, and this seemed to be the perfect place to do it. For those who don’t know, what they’re referring to here is a *General Security of Information Agreement* or GSOIA.

It sets up a proper framework for sharing information that goes into things like tech transfers, joint cooperation on new technologies, and provides industry with a way to access classified information to better bid on projects.

Basically, it establishes a formal process for governments and industries to access classified information from a foreign country—at least in basic terms. For industry, this means a clear process for getting verified and, in turn, gaining access to the information they need to bid on projects or exchange classified material with foreign companies.

These agreements are very important when we talk about tech transfers, deepening cooperation, or Canadian companies having access to bidding opportunities. It’s essential to have these agreements in place if we start talking about joining joint programs or strategic partnerships.

The sharing of classified information, especially for defence-related activities, is crucial both for bolstering our export and manufacturing attractiveness and for deepening cooperation with allies. This establishes how we can do that—and provides a proper process to make it happen.

We don’t yet know what this “Comprehensive Strategic Partnership” fully includes. We’ll likely hear more in the morning from both sides—at least the Canadian side—about what’s in it.

Of course, I’ll be covering that in the morning!