Parallel Multilateral and Bilateral Cooperation, with a U.S.-Korea MOU Proposal Under Review
Separate Mechanism with the EU and Japan Also in the Works
The United States is understood to be in full swing pushing a multilayered cooperation framework that combines the restructuring of multilateral consultative bodies with bilateral cooperation in order to secure critical mineral supply chains. This is interpreted as a strategy to keep China in check while simultaneously securing national security and competitiveness in high-tech industries.
Cho Hyun, Foreign Minister, is attending the Critical Minerals Ministerial Meeting held on the 4th (local time) in Washington DC, United States. Photo by Ministry of Foreign Affairs
South Korea is prioritizing participation in the multilateral cooperation mechanisms in which it has already been involved, while also reviewing whether to join a separate consultative body that the United States is promoting mainly with the European Union (EU) and Japan, as well as potential bilateral cooperation between South Korea and the United States.
According to the Ministry of Foreign Affairs on the 5th, Foreign Minister Cho Hyun attended the ministerial meeting on critical minerals held in Washington, D.C., U.S., on the 4th (local time). On the occasion of this meeting, the Geostrategic Resources Cooperation Forum (FORGE Initiative) was launched, which is a restructuring by the Donald Trump administration of the Mineral Security Partnership (MSP) that was established under the Joe Biden administration.
The 17 existing MSP member countries automatically became participants in FORGE, and South Korea, which has served as MSP chair since July 2024, decided to maintain its role as FORGE chair country until June this year. Within the FORGE framework, South Korea will continue its existing role while also finding itself in a position where it must respond to future changes in the cooperation structure.
Separately from FORGE, the United States is also known to be pushing another multilateral cooperation mechanism centered on the EU and Japan. However, this consultative body is still in its early stages, and its specific objectives and scope of participation have not yet been finalized. The U.S. side has described this as a concept for a “critical minerals preferential trade zone” that would set reference prices for each stage of production.
Regarding this, the Ministry of Foreign Affairs stated that it is “a mechanism that is slightly different in nature from FORGE,” and added, “Although it shares the same overarching purpose, no concrete review of participation at the government level has yet taken place.” It is reported that, as of now, the United States has not formally requested South Korea’s participation.
In parallel, the United States is also pursuing bilateral memorandums of understanding (MOUs) on cooperation in critical minerals with individual countries, and a proposal has been delivered to South Korea and is under review. As a result, South Korea is simultaneously considering multiple options: maintaining existing multilateral cooperation, joining new consultative bodies, and strengthening bilateral cooperation.
The latest meeting was hosted by the U.S. Department of State and was attended by 56 countries, including the G7 nations, that are cooperating across the entire supply chain cycle from mining and refining to intermediate goods and finished products manufacturing. Key figures in the Trump administration, including Vice President J.D. Vance, Secretary of State Marco Rubio, and U.S. Trade Representative (USTR) Jamison Greer, took part in large numbers and shared policy directions for diversifying critical mineral supply chains.
The participants agreed on the importance of cooperation among reliable partners amid growing geopolitical uncertainty and stressed the need to accelerate multilateral cooperation to restructure critical mineral supply chains.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
