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South Korea's Trade Minister Yeo Han-koo (Ministry of Trade, Industry and Energy) |
South Korea on Friday sought cooperation with partner nations to overcome current global supply chain disruptions and to seek measures to ensure stable supply chains, the industry ministry said.
Trade Minister Yeo Han-koo made the request during a meeting with ambassadors and charge d'affaires of 10 resource-rich nations held in Seoul in the day, according to the Ministry of Trade, Industry and Energy.
The 10 nations are Indonesia, Malaysia, Vietnam, the Philippines, Kazakhstan, Kyrgyzstan, the United Arab Emirates, Mexico, Brazil and Chile, which produce raw materials and maintain economic cooperation channels, such as a free trade agreement, with South Korea.
During the meeting, Yeo explained Seoul's efforts to enhance the competitiveness of the country's supply chains in the wake of the urea crisis late last year and suggested coalition and cooperation to better respond to the ongoing global supply chain issues and to build resilience.
He also called for more proactive investment and trade with the partner nations to help diversify import channels of mineral resources and other materials.
The participants explained their nations' situation regarding supply chains and shared opinions on how to deepen ties with South Korea, according to the ministry.
The meeting came as South Korea has sought to ensure stable supply chains of key materials to prevent any recurrence of the recent shortage of urea solution, a key fluid used in diesel vehicles to cut emissions, after China imposed export curbs on urea in October to ease domestic supply bottlenecks.
"Based on discussions during today's meeting, the government will draw up detailed measures with experts on how to enhance cooperation with each nation," a ministry official said. (Yonhap)
