S. Korea, EU agree to boost cooperation on supply chains, economic security

South Korea and the European Union (EU) agreed Tuesday to deepen bilateral cooperation on the supply chains of batteries, semiconductors and other advanced industries, Seoul’s industry ministry said.

The consensus was reached during the inaugural meeting of the supply chain and industrial policy dialogue held via teleconferencing in the day, which was attended by South Korea’s First Vice Industry Minister Jang Young-jin and Kerstin Jorna, the EU’s director-general for internal market, industry, entrepreneurship and SMEs.

The dialogue was launched as the two sides agreed in May to expand their industrial policy discussion platform in a move to work more closely on a wide range of economic security issues, including growing uncertainties in global supply chains.

During the meeting, the two sides shared their major policy measures on monitoring and responding to supply chain disruptions.

They also discussed how to boost cooperation on the supply chains of eco-friendly vehicles, hydrogen, wind power generation, batteries, semiconductors and other advanced sectors, the ministry said.

SEOUL, Dec. 5 (Yonhap) — South Korea and the European Union (EU) agreed Tuesday to deepen bilateral cooperation on the supply chains of batteries, semiconductors and other advanced industries, Seoul’s industry ministry said.

The consensus was reached during the inaugural meeting of the supply chain and industrial policy dialogue held via teleconferencing in the day, which was attended by South Korea’s First Vice Industry Minister Jang Young-jin and Kerstin Jorna, the EU’s director-general for internal market, industry, entrepreneurship and SMEs.

The dialogue was launched as the two sides agreed in May to expand their industrial policy discussion platform in a move to work more closely on a wide range of economic security issues, including growing uncertainties in global supply chains.

During the meeting, the two sides shared their major policy measures on monitoring and responding to supply chain disruptions.

They also discussed how to boost cooperation on the supply chains of eco-friendly vehicles, hydrogen, wind power generation, batteries, semiconductors and other advanced sectors, the ministry said.

During the meeting, Jang called on the EU to fully reflect South Korean companies’ opinions over the course of the implementation of its battery regulation.

The regulation, which entered into force in August, is meant to ensure batteries have a low carbon footprint, use minimal harmful substances and are collected for recycling and reuse, and the EU is working on drawing up secondary legislation for more detailed rules.

Jang also asked for the EU’s participation in the South Korea-led initiative of the “Carbon Free Alliance.”

The initiative, proposed by President Yoon Suk Yeol at the U.N. General Assembly in New York in September, calls for an active adoption of nuclear power and green hydrogen as future energy sources to achieve carbon emission goals.

“Industry supply chains of South Korea and the EU have been closely linked, and the bilateral cooperation will help strengthen our responses to relevant crises and boost overall industrial development. We will continue active communications through the dialogue,” Jang said.

By TTU/YNA