Yoo Myung-hee, Director General: "U.S. Proposes Alliance and Partner Cooperation as Supply Chain Stabilization Measures... Will Maintain Close Communication"

Trade Promotion Committee Discusses Trade Issues Including Supply Chain and Vaccine Intellectual Property Rights

Yoo Myung-hee, Chief Negotiator of the Ministry of Trade, Industry and Energy. (File photo)

[Asia Economy Reporter Joo Sang-don] Yoo Myung-hee, Chief Negotiator for Trade at the Ministry of Trade, Industry and Energy, stated on the 9th, "(The U.S. government) is presenting cooperation with allies and partner countries as a key measure to stabilize supply chains. We plan to discuss more specific response directions for the four major items."

On the same day, Chief Negotiator Yoo presided over the 19th Trade Promotion Committee meeting at the Government Complex Sejong, discussing the "U.S. Supply Chain 100-Day Review Report" and "Discussions on the WTO Intellectual Property Waiver."

Chief Negotiator Yoo explained, "The U.S. announced the supply chain review results and policy recommendations for four items?semiconductors, batteries, pharmaceuticals, and critical minerals?pursuant to President Biden's executive order. The policy recommendations include policy support such as expanding domestic production capacity and increasing investment in research and development (R&D) related to these four items."

He added, "With the release of the U.S. review report, we plan to discuss more specific response directions for each of the four major items. Moving forward, we will also strengthen cooperation with other major countries to stabilize supply chains for key items and expand opportunities for our companies to participate in global supply chains."

Regarding the recent activation of multilateral discussions as the U.S. supports the temporary waiver of WTO intellectual property obligations for COVID-19 vaccines, he said, "The government plans to establish our position through close coordination with domestic industries and relevant ministries, cooperate with countries holding similar positions, and participate constructively in international discussions such as those at the WTO."

This content was produced with the assistance of AI translation services.