S. Korea vows to actively promote global supply chain resilience

South Korean Foreign Minister Park Jin and Trade Minister Ahn Duk-geun virtually participated in the Supply Chain Ministerial, a US-led ministerial-level meeting to discuss ways to build long-term supply chain reliance for the future, Seoul’s foreign ministry said on Wednesday.

The Supply Chain Ministerial, hosted by US Secretary of State Antony Blinken and US Secretary of Commerce Gina Raimondo, was attended by ministers from 18 countries, who together signed a joint statement that was released at the end of the meeting.

In the wake of the COVID-19 pandemic and the Russia-Ukraine War, the participating countries agreed that their close collaboration is crucial to resolve pending supply disruptions, and prevention, according to the foreign ministry.

In their joint statement, the countries put forth transparency, diversification of supply chains, safety and sustainability as core values in their joint efforts to secure supply chain resilience.

During the meeting, Park introduced South Korea’s supply chain early warning system to quickly identify a disruption and prevent them.

He also underscored South Korea’s commitment in several global initiatives, including the Indo-Pacific Economic Framework in its pursuit to diversify its supply chains and for the country’s food and energy security.

The 18 countries that joined the ministerial meeting included Australia, Brazil, Canada, the Netherlands, Singapore and others.

The ministerial-level meeting comes as a follow-up to the supply chain summit US Presdient Joe Biden held with 14 countries and the European Union in October 2021.

By Jo He-rim ([email protected])