SEOUL: In their high-level economic talks, South Korea and the United States agreed to set up cooperation for stable supply chains of critical minerals and other economic security challenges.

On the sidelines of an inaugural gathering for the Minerals Security Partnership (MSP), Seoul's second vice foreign minister Lee Do-hoon and Jose W. Fernandez, the US undersecretary of state for economic growth, energy, and the environment, met for the first time in person in Toronto on Tuesday (local time).

The  Minerals Security Partnership is a Washington-led project designed at assuring stable supply chains for essential minerals used in innovative technologies. South Korea is one of the participants, along with Canada, Australia, Japan, and other European nations.

They also agreed to improve coordination on economic security issues and the implementation of agreements reached during last month's bilateral summit, during which the allies pledged to strengthen ties in industries like semiconductors and batteries, it said.

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