On Tuesday, Minister of Trade, Industry and Energy Kim Jeong Kwan stressed the need for a meticulous response to recent discussions on critical mineral supply chains, citing their potential to have a widespread impact on South Korean industries.
Speaking at the second Resource Security Council meeting held at the Korea Trade Insurance Corporation, Minister Kim announced plans to coordinate closely with relevant ministries.
On January 14, the United States unveiled measures under Section 232 of the Trade Expansion Act regarding critical minerals.
Section 232 provides the legal framework for the President to impose tariffs or other import restrictions on products deemed to threaten national security.
The U.S. intends to negotiate with trading partners to ensure critical mineral imports align with American security interests.
To enhance agility in addressing resource security challenges, the Ministry of Industry will establish a director-general-level working group under the Resource Security Council. This group will facilitate inter-ministerial discussions on critical minerals and related issues.
Furthermore, the ministry will closely engage with industry stakeholders through the Public-Private Joint Industrial Security Supply Chain Task Force to assess the domestic impact of international discussions on critical mineral supply chains.