An Account of the Canada–Korea Relationship · NPSI-PL Series
The Pacific Ledger
An account of the Canada–Korea relationship.
Two countries do twenty-five billion dollars of merchandise trade a year, and most of it never makes the news. Korean media covers Canada when a prime minister lands; Canadian media covers Korea when a submarine surfaces. In between — the cargoes, the contracts, the fifty-year partnerships — the account goes unreported. The Ledger records it: every entry sourced, both sides of the account kept honestly.
A ledger records both sides. So do we.
Current Issue
№ 02 · October 2026 · NPSI-20261001-A · Serial pending
Pledged, Contingent, Operating
Sorting Korea’s Canada investment after the submarine decision.
After Ottawa named TKMS preferred supplier on 6 July, the Korean bid’s headline of more than C$70 billion in trade and investment went into the press as a loss. The issue sorts thirteen Korean commitments by the condition each was made on: five contingent on a Hanwha Ocean award, which have lapsed, been suspended, been shelved or sit under review; five bid-linked with no stated condition, which continue as research, trade and stated intent; and three independent of the bid — NextStar in Windsor, Ultium CAM in Bécancour and KOGAS’s stake in LNG Canada — the only ones with capital in the ground. Four recommendations follow for investment trackers and for Ottawa. Issue closed 1 October 2026; published 14 October 2026 with pre-publication corrections applied.
Issue Archive
№ 02 · October 2026 · Serial pending
Thirteen Korean commitments after the submarine decision, sorted by condition; three with capital in the ground. PDF.
№ 01 · July 2026 · Premier Issue · NPSI-PL-001
The TKMS decision, the entries that kept posting, the Hormuz exit, and Kapyong at 75. PDF.
Issues close when the account warrants one. №01 closed 28 July 2026; №02 closed 1 October 2026. Working papers and briefings continue to publish only when the work is ready.