Finance Minister Choi Sang-mok speaks during an external economic ministers’ meeting in Seoul on April 25, 2024. (Image courtesy of Yonhap)
SEOUL, Apr. 25 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to enhance South Korea’s crisis management capabilities regarding supply chains in close cooperation with the United States, Japan and other Indo-Pacific partners, the finance ministry said.
Choi made the comment during an external economic ministers’ meeting in Seoul as he discussed the implementation of the Indo-Pacific Economic Framework (IPEF) relating to supply chain resilience with officials of relevant ministries, according to the Ministry of Economy and Finance.
The IPEF supply chain agreement entered into force in South Korea last week.
“South Korea will maximize the agreement and secure necessary resources swiftly in case of a supply chain crisis,” Choi said. “We will take part in dialogue platforms on critical minerals and push for various cooperation programs with resource-rich nations in the region.”
Launched by U.S. President Joe Biden in 2022, the IPEF involves 14 member nations, including South Korea, Australia, India, Indonesia, Japan, Singapore, Thailand and Vietnam.
The initiative has four pillars — trade, supply chain resilience, a clean economy and a fair economy — and they reached an agreement on the supply chain resilience pillar last year.
The agreement is meant to establish a framework for deeper collaboration among partner nations to prevent, mitigate and prepare for supply chain disruptions, according to the ministry.
Choi pointed to high uncertainties in the international economic circumstances due to the Middle East crisis and other factors, and stressed his commitment to the foundation of strong and reliable supply chains and credible financial alliances in cooperation with regional partners.
South Korea is heavily dependent on foreign countries for supplies of major industry minerals, and it is working to diversify their supply channels to prevent possible fallout from any supply chain issues.
(Yonhap)
