Korea to lead international supply chain Crisis Response Network

Economy

Korea to lead international supply chain Crisis Response Network

Published: 30 Jul. 2024, 18:10

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

Korea was unanimously appointed to lead the Crisis Response Network (CRN), a global body dedicated to addressing supply chain crises under the Indo-Pacific Economic Framework (IPEF), the Ministry of Trade, Industry and Energy said Tuesday.

Japan will serve as the vice chair of the CRN.

The IPEF, launched by the United States in 2022, is one of the three arms of the IPEF's Supply Chain Agreement alongside the Supply Chain Council and the Labor Rights Advisory Board. It includes 14 member nations, including Australia, India and New Zealand.

The CRN organizes emergency meetings among member countries to cooperatively address supply chain disruptions. Participants discuss strategies for securing shipping routes, coordinating joint procurement efforts and expediting customs procedures.

Such meetings can be convened at the request of any member and can take place at a ministerial or summit level when necessary, the ministry said.

“The CRN is an innovative platform where industry leaders like South Korea and Japan can collaborate with resource-rich countries such as Australia and Indonesia,” Korea's Trade Minister Cheong In-kyo said in a statement.

BY JIN EUN-SOO, YONHAP [jin.eunsoo@joongang.co.kr]