S. Korea launches supply chain working group to boost cooperation with IPEF members

South Korea established a working group of supply chain experts Wednesday as part of efforts to bolster cooperation with members of the Indian-Pacific Economic Framework in response to global supply chain uncertainties, the industry ministry said. The working group will work to advance joint efforts of 14 IPEF member nations, including South Korea, the United States, Japan, Malaysia and Australia, to respond to the supply chain crisis amid growing tensions in the global trade market, according to the Ministry of Trade, Industry and Energy. South Korea is the chair of the Crisis Response Network, one of three arms of the IPEF's supply chain agreement.

As the chair, Seoul plans to hold two regular meetings of the CRN this year to conduct a simulation exercise on possible disruptions in health care and critical mineral supply chains and discuss measures to strengthen IPEF member nations' response capabilities, according to the ministry. "Risks of supply chain disruptions are high at the moment with the rise of protectionism and supply chain fragmentation," said Lee Jae-keun, director general for new trade strategy and policy at the ministry. "We need to create a strong network among IPEF member countries for mutual support in times of crisis," he added.



(Yonhap).