South Korean, Chinese Ministers Meet to Bolster Supply Chains and Advanced Industry Cooperation
South Korean Minister of Trade, Industry and Energy Kim Jeong-kwan held successive meetings with China's Ministry of Commerce and Ministry of Industry and Information Technology in Beijing on the 18th to discuss measures for supply chain stabilization and advanced industry cooperation. Minister Kim and Chinese Commerce Minister Wang Wentao pledged cooperation for supply chain stabilization through the Korea-China Trade Ministers' Meeting. Subsequently, Minister Kim held the 5th Korea-China Industry Ministers' Meeting with Minister of Industry and Information Technology Li Leizheng to strengthen cooperation in advanced fields such as semiconductors and batteries. This industry ministers' meeting was the first in four years since a video conference in January 2022, and the first in-person meeting in eight years since May 2018.
The two countries specified measures for supply chain stabilization amidst changes in the global trade environment. They agreed to activate communication channels, such as a supply chain hotline, during times of logistics delays or raw material supply crises. For key items like rare earths and permanent magnets, they decided to enhance supply chain predictability by utilizing export control dialogues and a swift, universal permit system.
The two countries agreed to strengthen cooperation in advanced fields such as semiconductors and batteries, as well as in the green transition of industries and the silver industry sector. They pledged to cooperate for the smooth operation of South Korean semiconductor factories in China and share experiences in building industrial supply chain data platforms. Through this, they aim to respond to changes in each nation's industrial structure and seek a horizontal and reciprocal cooperative relationship.
Furthermore, they plan to hold the Korea-China FTA Joint Committee meeting within the first half of the year to reach agreements on service and investment negotiations and to resume the Intellectual Property Rights Implementation Committee. The government intends to utilize the communication channels secured through this series of meetings to address bilateral economic issues and maintain industrial competitiveness.