Choo Kyung-ho "Promotion of Enactment and Amendment of 3 Laws Related to Supply Chain"

Presiding Over the Ministerial Meeting on External Economy
Choo Kyung-ho "Participation in WTO Ministerial Declaration Responding to Ukraine-Induced Food Crisis"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho announced on the 7th that "we will promote the enactment and revision of the three laws related to supply chains."

On the same day, Deputy Prime Minister Choo presided over the '229th Foreign Economic Ministers' Meeting' at the Government Seoul Office and said, "The government aims to focus on establishing an institutional foundation for supply chain stability from the perspective of economic security."

Deputy Prime Minister Choo explained, "Supply chain stability is a field of close cooperation where private efforts and government support must be harmonized. The government will provide a package of financial, tax, financial, and regulatory support for private efforts such as diversifying import sources and expanding production facilities." Specific institutionalization plans will be promptly prepared and announced through cooperation among related ministries.

He also stated, "We will actively respond to changing external economic conditions such as deglobalization and bloc formation," adding, "The Indo-Pacific Economic Framework (IPEF) will be led by the Ministry of Trade, Industry and Energy as the chief representative, and related ministries including the Ministry of Economy and Finance and the Ministry of Foreign Affairs will jointly lead discussions in four major sectors to establish a whole-of-government response system."

He continued, "IPEF, which was officially joined at the Korea-US summit, is expected to become a key economic cooperation platform in the Asia-Pacific region by increasing participating countries in the future," emphasizing, "As a founding member during the negotiation process, we plan to play a leading role as a rule maker to complement vulnerabilities in the supply chain and further expand opportunities for our companies to advance overseas."

Regarding the World Trade Organization (WTO) Ministerial Conference, which will be held in Geneva, Switzerland from the 12th to the 15th for the first time in five years due to COVID-19, he said, "We will actively respond to ensure that our national interests are fully reflected," explaining, "In particular, we intend to participate and cooperate in the ministerial declaration to be discussed at the WTO level in response to the food crisis caused by Russia's invasion of Ukraine."

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