Korea calls for efforts to prevent possible supply chain disruptions in critical minerals
Second Vice Foreign Minister Kang In-sun delivers remarks during a Minerals Security Partnership meeting in Toronto, in this photo provided by the foreign ministry, Canada, March 4. Yonhap
Korea has called for concerted efforts to prevent possible supply chain disruptions in critical minerals, as it presided over a multilateral meeting in Canada this week, the foreign ministry said Wednesday.
Second Vice Foreign Minister Kang In-sun made the call during a meeting of the Minerals Security Partnership (MSP) in Toronto on Tuesday (local time), emphasizing the importance of enhanced cooperation in the face of growing global economic uncertainties.
Kang "underscored the growing importance of the MSP, and said that expanding the range of minerals in the projects pursued under the MSP framework and boosting financial investments are crucial steps to mitigate potential supply chain disruptions," the ministry said in a release.
Kang proposed strengthening joint efforts to accelerate MSP projects, the ministry said.
The 14-member MSP was launched in 2022 by the United States to strengthen the global supply of and promote investment in critical minerals, such as lithium, cobalt and nickel. The U.S., Japan, Canada, France and the European Union are among the member countries.
The alliance is largely seen as a partnership that aims to reduce the risk of dependence on China for raw materials.
Belgium, Poland and New Zealand took part as observers in Tuesday's MSP meeting
The participating countries also agreed that greater intergovernmental cooperation was essential to proactively respond to changing conditions in the critical mineral supply chain, the ministry said.
They discussed measures, such as simplifying regulatory procedures and increasing related financial support, to bolster supply chain resilience. (Yonhap)