South Korean Finance Minister Hong Nam-ki and Canadian Ambassador to Seoul Michael Danagher have agreed their countries will work together against growing trade protectionism around the world.

According to the Ministry of Economy and Finance, Hong sat down with Danagher at the government complex in Seoul on Friday.

Hong assessed growing trade between the two countries since the implementation of their free trade agreement in 2015 as a significant feat given the sluggish global economy and trade. Trade volume between South Korea and Canada jumped 33-point-seven percent since 2015. 

Noting the two countries have complementary economic structures, Hong called for deepened cooperation in various areas, including small and mid-sized firms and female participation in corporate activities. 

Hong said the G-20, or the Group of 20, major economies need to discuss risks to the global economy such as trade conflicts and aging populations, and expressed great expectations for Canada’s role as chair of the G-20 working group on macroeconomic policy coordination.

He also shared concerns about global trade protectionism and said Seoul hopes to closely work with Canada on the reform of the World Trade Organization. 

Danagher agreed on the need to strengthen Seoul-Ottawa relations and proposed the two countries deepen cooperation on the international stage.