Ministry of Industry Discusses Strengthening Supply Chain Resilience with G7

The Ministry of Trade, Industry and Energy announced that Noh Geon-gi, Director General for Trade Negotiations, attended the outreach session of the G7 Trade Ministers' Meeting held in Reggio Calabria, Italy, on the 16th (local time) as the government's chief representative and discussed measures to strengthen supply chain resilience.

The outreach session was attended by G7 member countries including the United States, Japan, Canada, the United Kingdom, France, Germany, Italy, and the European Union (EU), as well as invited countries such as South Korea, Brazil, New Zealand, T?rkiye, Vietnam, and India, along with representatives from the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), and B7 (an economic organization council of G7 countries).

At the session, Director General Noh emphasized, "Unlike in the past when the 'low-cost, high-efficiency principle' was the top priority, a transformation is currently taking place in the global supply chain," adding, "To build a resilient and stable supply chain, cooperation with reliable partners is essential."

He went on to mention that South Korea is promoting multilateral cooperation through frameworks such as the Indo-Pacific Economic Framework (IPEF) and the Minerals Security Partnership (MSP), as well as bilateral cooperation with countries in Africa and Latin America. He also introduced domestic policies such as the 'Industry Supply Chain 3050 Strategy' and the establishment of an early warning system aimed at reducing dependence on specific countries for 185 supply chain stability items, including graphite and urea, to below 50% by 2030.

Additionally, Director General Noh exchanged views on ways to achieve follow-up outcomes from the 13th WTO Ministerial Conference (MC-13) during a meeting with WTO Director-General Ngozi Okonjo-Iweala, and requested her interest in the participation of South Korean trade talents in WTO internships. Furthermore, he discussed ways to strengthen bilateral and multilateral cooperation, including the implementation of the Korea-Brazil Trade and Investment Promotion Framework (TIPF) with representatives of the Brazilian government, the G20 chair this year, and preparations for the 2025 Asia-Pacific Economic Cooperation (APEC) chairmanship.