Ministry of Industry Collaborates with ASEAN and UK to Facilitate Business Mobility

Discussion on Measures to Maintain the Global Supply Chain

Photo by Ministry of Trade, Industry and Energy

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy discussed actively cooperating with ASEAN and the United Kingdom to maintain global supply chains and facilitate the smooth movement of business personnel.

According to the ministry, Yoo Myung-hee, the Chief Trade Negotiator, held separate video conferences on the 26th and 27th with Lim Jock Hoi, Secretary-General of ASEAN, Chan Chun Sing, Singapore’s Minister for Trade and Industry, and Liz Truss, the UK Secretary of State for International Trade.

The meetings focused on discussing measures to respond to the novel coronavirus disease (COVID-19).

The meetings were arranged to discuss follow-up measures to the international trade recovery plan agreed upon by leaders at the G20 special video summit held on the night of the 26th.

With ASEAN and Singapore, there was consensus on the need to minimize the impact of COVID-19 spread on the global market and to strive to prevent disruptions in regional supply chains.

They also agreed to actively utilize video conferences and other means to achieve the signing of the Regional Comprehensive Economic Partnership (RCEP) within the year.

Chief Negotiator Yoo emphasized that smooth movement of essential personnel, including businesspeople, is necessary to ensure business continuity.

She proposed exploring exceptional entry measures for businesspeople under a reliable diagnostic and management system.

Secretary-General Lim responded that the issue of securing smooth movement of essential personnel would be discussed at the ASEAN meeting.

Singapore also agreed to cooperate bilaterally and multilaterally to ensure the smooth movement of essential personnel and maintain regional supply chains.

There was also consensus with the UK that restrictions on the entry of essential personnel should be eased.

Furthermore, they evaluated that there is high potential for cooperation in future industries such as artificial intelligence (AI), big data, and bio-health.

They agreed to actively expand cooperation in these fields once COVID-19 subsides.

Chief Negotiator Yoo stated, "As a follow-up to the G20 summit, we will continue to strengthen bilateral and multilateral cooperation to minimize the negative economic impact of COVID-19."