The National Assembly Observed Ukraine Invasion... Foreign Affairs Committee Debates the Necessity of a 'Ceasefire Declaration'

Jeong Eui-yong "No Immediate Impact on Energy Imports Even if Sanctions Are Joined"
Debate Over the Necessity of a Declaration of the End of the War

[Asia Economy Reporter Naju-seok] Foreign Minister Chung Eui-yong stated on the 25th that there would be no immediate impact on energy imports due to South Korea's participation in sanctions related to Russia's full-scale invasion of Ukraine. At the Foreign Affairs and Unification Committee, a heated debate also took place regarding the Moon Jae-in administration's push for a declaration of the end of the war.

[Image source=Yonhap News]

Minister Chung said this during the plenary session of the National Assembly's Foreign Affairs and Unification Committee regarding the economic impact of South Korea's participation in sanctions against Russia. He said, "We expect that our participation in sanctions will not have an immediate effect on energy imports," but added, "The government is conducting various reviews on what impact there might be on imports and exports."

Yoo Ki-hong, a member of the Democratic Party of Korea, earlier mentioned, "(Russia) accounts for about 1.6% of our country's exports and 2.8% of imports, with an annual trade volume of approximately 32.6 trillion won." He added, "Half of the exports are automobile parts, steel structures, synthetic resins, and a significant portion of cosmetics exports. About 70% of imports are energy."

Regarding Russia's invasion of Ukraine, Representative Yoo said, "It is a deplorable act," and added, "It is right to participate in international sanctions, but it must be done wisely." He then referred to Hyundai Motor's local factory and various construction situations in Saint Petersburg, Russia, and requested, "I ask that you wisely devise measures to ensure this issue does not become a direct blow to our economy."

The ruling and opposition parties engaged in a debate over the implications of the Ukraine situation. In particular, the Moon Jae-in administration's push for a declaration of the end of the war came under scrutiny.

Park Jin of the People Power Party criticized, "Can a mere declaration of the end of the war and political acts guarantee peace on the Korean Peninsula?" In response, Minister Chung said, "The core of the Moon Jae-in administration's security policy is peace based on strength," adding, "You probably already know the details without me explaining further." During the Q&A with Democratic Party member Yoon Gun-young, Minister Chung explained, "Since the Moon Jae-in administration took office, self-reliant defense has been continuously emphasized, and the budget has been increased accordingly."

Cho Tae-yong of the People Power Party said, "I think there is no need for the Moon Jae-in administration to be so fixated on pushing for a declaration of the end of the war," and asked, "Do you have any intention to halt the push for the declaration?" Minister Chung replied, "The declaration of the end of the war is not the ultimate goal of the Korean Peninsula peace process," and explained, "Our government's goal is to use the declaration as an opportunity to once again activate the Korean Peninsula peace process."

There were also concerns about excessive dependence on the South Korea-U.S. alliance. Lee Sang-min of the Democratic Party argued, "There is concern that if relations with the U.S. deepen too much, it could backfire." Minister Chung responded, "The situations in Ukraine and the Korean Peninsula are different in nature, and I believe the U.S.'s perspective on them is fundamentally different as well," adding, "The South Korea-U.S. alliance for security on the Korean Peninsula is very solid and strong, so I do not think it is necessary to compare it with the Ukraine situation."

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