Korea-US-Japan Industry Ministers Meeting Scheduled for Early Next Year... Full-Scale Cooperation on 'Semiconductors and Supply Chains'

Early next year, the industry ministers of Korea, the United States, and Japan will meet to actively promote cooperation in key areas such as semiconductors and supply chains.

The Ministry of Trade, Industry and Energy announced on the 16th that Minister Bang Beom-gyu visited the United States on the occasion of the Asia-Pacific Economic Cooperation (APEC) summit and on the 15th (local time) discussed ways to expand cooperation in advanced industries such as semiconductors between the two countries with U.S. Secretary of Commerce Gina Raimondo, while requesting continuous cooperation on major trade issues.

The U.S. Department of Commerce, as the main agency responsible for industrial policies and major trade issues including advanced industries, supply chain restructuring, and export controls, has closely cooperated with the Ministry of Trade, Industry and Energy at various levels.

At the meeting, Minister Bang evaluated that through the Korea-U.S. summit in April and the Korea-U.S.-Japan summit in August, the two countries have comprehensively expanded cooperation in various areas such as ▲ semiconductor and battery advanced industry supply chains ▲ technology security ▲ critical minerals, and emphasized that the Ministry of Trade, Industry and Energy and the Department of Commerce should continue to play a key role in deepening the Korea-U.S. alliance into an advanced industry and technology alliance.

Furthermore, Minister Bang requested the Department of Commerce's continued cooperation on major issues including the remaining points of the U.S. Inflation Reduction Act (IRA). He particularly stressed that the upcoming IRA Foreign Entity of Concern (FEOC) guidance, scheduled to be announced within the year, should be reasonably formulated considering the global supply chain structure of batteries and critical minerals.

Minister Bang also evaluated that the Korea-U.S.-Japan Industrial Ministers' Meeting, newly established in August, has enabled more institutionalized cooperation among the three countries. The two ministries agreed to hold the Korea-U.S.-Japan Industrial Ministers' Meeting early next year. Through this, the Ministry of Trade, Industry and Energy expects that cooperation leveraging the strengths of the three countries in key areas such as semiconductors, advanced industries, and supply chains will be actively promoted.

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy held a meeting with U.S. Secretary of Commerce Gina Raimondo on the 15th (local time) at the San Francisco Marriott Marquis Hotel in the United States to discuss ways to expand cooperation in advanced industries and trade issues.

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