S Korea, US agree upon fresh dialogue on supply chains – Seoul News

The settlement was made throughout a joint committee assembly of the bilateral free commerce settlement (FTA) co-chaired by South Korean Trade Minister Yeo Han-koo and U.S. Trade Representative (USTR) Katherine Tai.

“Minister Yeo and Ambassador Tai agreed to initiate new approaches through enhanced channels of communication to effectively address emerging trade-related issues in areas such as supply chain challenges, emerging technologies, the digital ecosystem, and trade facilitation, with the intention of deepening cooperation to enable common approaches and responses to challenges facing global trade,” their joint assertion learn.

The two sides additionally mentioned the necessity “to create sustainable, resilient, inclusive and competitive trade policies that achieve broad-based prosperity,” in accordance with the assertion.

Seoul and Washington have sought to spice up cooperation to make sure resilient supply chains of main parts and different objects, resembling semiconductors, amid a world supply scarcity and an intensified Sino-U.S. rivalry, reviews Yonhap information company.

Earlier this month, Seoul’s Industry Minister Moon Sung-wook met with U.S. Commerce Secretary Gina Raimondo, and agreed to create a brand new director-stage dialogue channel on semiconductors and to carry an inaugural assembly in December.

“We are using our KORUS foundation to discuss how we can tackle major issues and challenges that we’re facing today, such as supply chain resilience, worker rights and environmental protection,” Tai mentioned in her opening remarks. KORUS refers back to the bilateral free commerce pact.

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