Korea, U.S. discuss supply chain resilience and clean energy at Georgia talks

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Korea, U.S. discuss supply chain resilience and clean energy at Georgia talks

Published: 03 Oct. 2024, 10:00

Vice Foreign Minister Kang In-sun shakes hands with Jose Fernandez, the under secretary of state for economic growth, energy and the environment, before their talks at the foreign ministry in Seoul on Jan. 31. [YONHAP]

Senior diplomats of Korea and the United States held economic talks in Georgia, a key investment destination for Korean businesses, on Wednesday to discuss supply chain resilience, clean energy and other issues, the State Department said.

Vice Foreign Minister Kang In-sun and Jose Fernandez, the undersecretary of state for economic growth, energy and the environment, led the allies' 9th Senior Economic Dialogue (SED) in Atlanta as Seoul and Washington have been deepening and broadening bilateral cooperation beyond their security focus.

The meeting marked the first SED held outside of Washington or Seoul. Of the more than $140 billion in new investment pledged by Korean companies and U.S.-based joint venture partners since January 2021, more than $24 billion has been committed to Georgia.

The two sides reaffirmed efforts to strengthen the bilateral economic relationship to deliver benefits to the American and Korean people and promote "sustainable, resilient and inclusive" growth for both sides, according to the department.

They discussed joint approaches to improving the resilience of supply chains and safeguarding economic security. In particular, they highlighted the work of the Minerals Security Partnership (MSP), a multinational institution aimed at developing diverse and sustainable supply chains for critical energy minerals.

"As the current MSP chair, the ROK is leading efforts to expand projects around the globe and facilitate the development of advanced industries and the transition to clean energy," the department said in a release.

In July, Korea undertook the one-year role as the MSP chair.

Kang and Fernandez also exchanged views on cooperation in addressing "nonmarket policies and practices" though the department did not mention China. Washington has been trying to enlist allies' cooperation in dealing with what it called nonmarket practices of China, such as subsidies to state-run companies.

Moreover, they emphasized the importance of advancing clean energy, their shared commitment to achieve net-zero greenhouse gas emissions by 2050 and working together on methane reduction initiatives.

They also discussed ongoing negotiations in international forums on climate and a global agreement on plastic pollution, as well as efforts to bolster information and communication technology infrastructure, according to the department.

Yonhap