Cheong Wa Dae to maintain emergency posture after US-Iran talks fall through

Jeon Eun-soo, presidential spokesperson, speaks to reporters after an emergency economic review meeting at Cheong Wa Dae in Seoul, Sunday. Yonhap

Cheong Wa Dae said Sunday it will maintain its emergency response system amid persisting tensions in the Middle East, with the United States and Iran having failed to reach an agreement in their high-level peace talks over the weekend.

Kim Yong-beom, presidential chief of staff for policy, presided over an emergency economic review meeting Sunday with relevant ministries to coordinate responses to the Middle East crisis.

Participants agreed that there remains a great deal of uncertainty surrounding the Korean economy, considering the results of the first round of the U.S.-Iran talks and the state of international affairs, according to presidential spokesperson Jeon Eun-soo.

Even if the U.S. and Iran eventually reach an agreement to end the conflict, it will still take a significant amount of time for international oil transportation to normalize and Middle East energy production facilities to be restored, Jeon added.

"Until there is a definitive declaration of the end of the conflict, the government will strictly maintain its current emergency response system," Jeon said. "President Lee Jae Myung will continue to hold emergency economic meetings, while prime minister and deputy prime minister will oversee emergency economic headquarters."

During Sunday's meeting, participants called for a push to restore the supply of naphtha, a key feedstock widely used in the petrochemical and other industries, to its pre-conflict level of 2.11 million tons.

According to Cheong Wa Dae, representatives from the ministries of finance, foreign affairs, interior, trade and budget, among others, were in attendance.

Kim was also joined by presidential secretaries for economy, financial planning and economic security.