Korea, EU to push for stronger cooperation in critical minerals, supply chains
The Ministry of Trade, Industry and Resources building at Government Complex Sejong / Korea Times file
Korea and the European Union agreed Tuesday to push for deeper cooperation in critical minerals, supply chains and other economic security issues, Seoul's trade ministry said.
The two countries held the second round of the special committee meeting on economic security and emerging trade issues virtually, jointly led by Vice Trade Minister Park Jung-sung and his EU counterpart Denis Redonnet, according to the Ministry of Trade, Industry and Resources.
In the meeting, the two sides agreed on the need to deepen bilateral cooperation in supply chain and technology security amid heightened global supply chain volatility and an intensifying technology war among major economies.
In the critical minerals sector, they agreed to push for stronger cooperation in supply chain diversification as well as the stockpiling and recycling of critical minerals as both South Korea and the EU have a high dependence on imports of such materials, according to the ministry.
The ministry said Park also asked the EU to consider granting a grace period for the planned implementation of its battery regulations, highlighting Korean companies' contribution to the EU's battery supply chains.