President Moon Attends APEC Summit... Discusses 'Global Supply Chain'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in will attend the 28th Asia-Pacific Economic Cooperation (APEC) Summit held via video conference on the 12th to discuss global supply chains and other issues. Amid the emergence of supply chain problems due to the 'Urea Solution Crisis,' attention is focused on whether solutions will be proposed at the APEC meeting. Senior officials from South Korea and the United States also met to discuss supply chain matters.

The meeting, held at 8 p.m. that day, will discuss overcoming the health crisis, accelerating economic recovery, climate and environmental cooperation, and sustainable growth under the theme of 'COVID-19 Recovery for the Prosperity of All and Future Generations.' In particular, President Moon plans to focus on maintaining global supply chains and digital transformation as measures to accelerate economic recovery after COVID-19.

As President Moon discusses global supply chains at APEC, there is keen interest in whether solutions to the recent China-originated 'Urea Solution Crisis' can be found. President Moon also attended the 'Global Supply Chain Leaders’ Summit' hosted by U.S. President Joe Biden in Rome, Italy, on the 31st of last month, indicating alignment with the U.S.-led efforts to strengthen global supply chains. At that event, President Moon emphasized that "stabilizing global supply chains is urgent for a complete economic recovery."

South Korea and the U.S. also held a high-level meeting the day before, agreeing to jointly address economic security issues such as global supply disruptions. Daniel Kritenbrink, U.S. Assistant Secretary of State for East Asian and Pacific Affairs, who visited Korea, met with Lee Sung-ho, Director-General for Economic Diplomacy Coordination at the Ministry of Foreign Affairs, on the 11th. The Ministry of Foreign Affairs reported that they agreed to "jointly respond to frequent global supply disruptions and economic security issues." Assistant Secretary Kritenbrink also discussed cooperation on supply chains in key sectors such as semiconductors and electric vehicle batteries with Jung Dae-jin, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy.

Earlier, President Moon proposed the 'APEC Clean Hydrogen Value Chain' during his keynote speech at the 'APEC CEO Summit 2021' held via video conference, stating, "We must take immediate action and cooperate closely to respond to the climate crisis and advance toward a carbon-neutral society." He also urged North Korea to participate in Northeast Asian forest cooperation, citing many cases where forest cooperation has brought peace in other countries.

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