S. Korea seeks int'l cooperation for stable supply chains amid Ukraine tensions

South Korea's top trade official met with foreign envoys to Seoul on Thursday and discussed ways of cooperation to ensure stable supplies of key materials amid global supply chain disruptions and simmering tensions surrounding Ukraine, the industry ministry said.

The meeting took place in Seoul between Trade Minister Yeo Han-koo and ambassadors and charge d'affaires of nine resource-rich nations -- Indonesia, Canada, Malaysia, Vietnam, the Philippines, the United Arab Emirates, Mexico, Brazil and Chile, according to the Ministry of Trade, Industry and Energy.

During the meeting, Yeo stressed the need to seek measures in advance against possible disruptions in global supply chains amid the Ukraine crisis in a bid to minimize any negative impacts on the economy.

South Korea is closely watching the developments over the Ukraine crisis, as it relies on imports of energy and other raw materials from the region and the crisis is feared to further pull up already-high global energy prices.

The nine countries produce key raw materials and have maintained economic cooperation with South Korea through free trade agreements and other channels.

South Korea will soon launch in-depth consultations with each nation to sign a memorandum of understanding (MOU) on deepening trade and industry ties and to devise detailed cooperation measures such as how to share related information in a swift manner, Yeo added.

The ambassadors vowed in response to actively cooperate to deepen partnership with South Korea for such joint goals, the ministry said.

Ensuring stable supply chains of key materials has been one of South Korea's main agenda items in talks with foreign nations in recent months, after the country experienced a shortage of urea solution late last year, a key fluid used in diesel vehicles to cut emissions. (Yonhap)