Seoul: South Korea and the European Union (EU) agreed Tuesday to push for deeper cooperation in critical minerals, supply chains, and other economic security issues, Seoul's trade ministry said.
According to Yonhap News Agency, 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. During the meeting, the two sides recognized the importance of enhancing bilateral cooperation in supply chain and technology security, especially amidst heightened global supply chain volatility and an intensifying technology war among major economies.
In the critical minerals sector, the discussions focused on strengthening cooperation in supply chain diversification and the stockpiling and recycling of critical minerals. Both South Korea and the EU have a high dependence on imports of such materials, which necessitates a collaborative approach to mitigate potential risks.
The ministry conveyed that Vice Minister Park also requested the EU to consider granting a grace period for the planned implementation of its battery regulations, emphasizing the significant role Korean companies play in the EU's battery supply chains. Furthermore, he urged the EU to incorporate Seoul's perspectives in the formation of the EU Industrial Accelerator Act (IAA) and addressed concerns related to the EU's enhanced steel safeguard plan.