1. The Republic of Korea and Canada concluded the Agreement for Science, Technology and Innovation Cooperation between the Government of the Republic of Korea and the Government of Canada on July 13. The Agreement was initialed by the heads of the delegations of the two countries - Director-General for Multilateral Economic Affairs Chung Byung-hwa of the ROK Foreign Ministry and Director-General of Investment and Innovation Bureau Louis Marcotte of the Canadian Department of Foreign Affairs, Trade and Development.
o In a summit meeting between the ROK and Canada in March 2014, the heads of state of the two countries agreed to establish institutional frameworks for science and technology cooperation. As part of follow-up measures, the ROK and Canada have held negotiations on the text of the Agreement since January this year.
2. The Agreement aims to build frameworks to facilitate cooperation in science, technology and innovation between the two countries. It stipulates that the two countries shall carry out activities to enhance cooperation in a wide range of areas, including joint research among universities, governmental and non-governmental organizations, research institutes and companies of the two countries; cooperation in business startup; exchanges among researchers; and information sharing on science and technology and related policies.
o In addition to cooperation in the general science and technology sector, the Agreement also covers cooperation in innovation that provides a basis for a creative economy, including in R&D and technology commercialization, and support for start-up companies.
o To implement the Agreement in a systematic and efficient manner, the two countries decided to hold a meeting of the Joint Committee on Science, Technology and Innovation every two years, and seek to find new areas for cooperation and monitor the status of implementation.
3. If the Agreement takes effect, Canada, a developed country in the area of basic science, and the ROK, an ICT powerhouse, are expected to enjoy the synergy effects that promote science and technology innovation and development in both countries.
o The Agreement also holds significance in that it will also foster cooperation for a creative economy, including in the areas of research commercialization, support for start-ups, and policies to promote entrepreneurship.
4. The ROK government will swiftly move forward with necessary domestic procedures so that the Agreement can enter into force as soon as possible.
o As of July 2015, the ROK has concluded agreements on science and technology cooperation with 48 countries to strengthen its scientific and technological capacities.