Top industry officials of Korea, the United States and Japan held their inaugural meeting in Washington to discuss joint efforts to level the economic playing field.
A commission on supply chain stabilization headed by Finance Minister Choi Sang-mok will oversee the scheme.
The three countries discussed their supply chain warning system and agreed to collaborate on emerging technologies.
The Indo-Pacific Economic Framework for Prosperity was passed in a cabinet meeting, moving the country closer to establishing supply chain resilience with partner nations in the region.
Foreign Minister Cho Tae-yul spoke with Chinese Foreign Minister Wang Yi over a call on Tuesday, marking the first time the duo spoke since Cho’s appointment last month...
We must come up with a new trade strategy of expanding our network to harness our market and technology power while preparing for the fluctuating trade challenges so that we can pre-emptively respond to new trade barriers.
Korea and China discussed details on operating a bilateral “hotline” to maintain close coordination in the supply chain issue, the Industry Ministry said Monday.
Korea has selected 185 materials, including graphite and urea, to stabilize its supply chain by reducing reliance on specific countries such as China.
The government said Monday that the current prices and reserves of urea sold at gas stations are similar to the usual rate and more stable than they were during the 2021 urea crisis.
The Korean government has vowed to double its stockpile of urea in response to China's recent export curbs. Critics remain unconvinced, citing its previous failures to secure a sufficient supply of the chemical compound.
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