Seoul: South Korea's first vice finance minister has called on government officials to devise strategies to stabilize supply chains as the deadline for trade negotiations with the United States approaches. The instructions were given during an expert committee meeting focused on economic security items, crucial goods, and services for the national economy.
According to Yonhap News Agency, Vice Minister Lee Hyoung-il highlighted the growing global supply chain risks driven by external factors such as major economies altering their trade policies and escalating geopolitical conflicts. He emphasized the necessity for the ministry to perform a detailed inspection to identify any vulnerabilities in the supply chain and to proactively establish countermeasures.
During the meeting, potential amendments to South Korea's list of "economic security items" were also considered. The ministry's press release indicated that as of last year, 300 items were included on this list to ensure their stable supply. These items span materials used in manufacturing, defense, cybersecurity, and other sectors integral to the daily lives of South Koreans. The list undergoes an annual review to maintain its relevance and effectiveness in safeguarding the nation's economic security.