South Korea and the United States agreed on Friday to develop new channels of communication to improve cooperation on supply chains and other trade matters of mutual concern, according to the two countries. The agreement was reached during a joint committee meeting of the bilateral free trade agreement (FTA), which was co-chaired by South Korean Trade Minister Yeo Han-koo and US Trade Representative Katherine Tai.
"Minister Yeo and Ambassador Tai agreed to launch new approaches through improved communication channels to effectively address emerging trade-related issues in areas such as supply chain challenges, emerging technologies, the digital ecosystem, and trade facilitation, with the goal of deepening cooperation to enable common approaches and responses to global trade challenges," their joint statement read. According to the statement, the two sides also highlighted the need to "develop sustainable, resilient, inclusive, and competitive trade policies that produce broad-based prosperity."
In the face of a worldwide supply shortfall and an intensified Sino-US rivalry, Seoul and Washington have attempted to strengthen collaboration to maintain resilient supply chains of critical components and other commodities, such as semiconductors.
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