Government Establishes 'Economic Security Ministerial Meeting'... "Response to US 232 Trillion Investigation"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering a welcoming address at the '1st Economic Security Ministers' Meeting' held at the Government Complex in Jongno-gu, Seoul, on the 15th. Photo by Ministry of Economy and Finance

The 'Economic Security Ministers' Meeting' was established to strengthen cooperation between economic and security ministries.

On the 15th, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, presided over the '1st Economic Security Ministers' Meeting' at the government complex in Jongno-gu, Seoul.

The government also decided to closely communicate with the industry and express its opinions to the U.S. side regarding the U.S. government's semiconductor and pharmaceutical 'Section 232 investigation.' On the 14th (local time), the U.S. Department of Commerce's Bureau of Industry and Security announced that it had begun an investigation under Section 232 of the Trade Expansion Act to assess the impact of imports of semiconductors and pharmaceuticals on national security. It was also agreed to actively consult to minimize damage to Korean companies.

Additionally, each ministry divided roles for preparing negotiations with the U.S., focusing on U.S. interests confirmed through the Korea-U.S. leaders' phone call and the visit of the head of the Trade Negotiations Headquarters to the U.S.

The Economic Security Ministers' Meeting was created to respond to complex economic security issues by strengthening cooperation between economic and security ministries. It shares information related to economic security issues under each ministry's jurisdiction and discusses response measures to effectively support the operation of the 'Economic Security Strategy TF,' chaired by the acting authority. The meeting is attended by the Ministry of Strategy and Finance, Ministry of Agriculture, Food and Rural Affairs, Office for Government Policy Coordination, Ministry of National Defense, Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Food and Drug Safety, Korea Communications Commission, and the National Security Office.