South Korea and China’s industry ministers convened on Wednesday to address supply chain stability and enhance collaboration in advanced industries amidst growing global uncertainties, according to the Seoul industry ministry.
South Korean Industry Minister Kim Jung-kwan engaged in discussions with Chinese Minister of Industry and Information Technology Li Lecheng in Beijing. The focus was on bolstering industrial cooperation in key sectors like semiconductors and batteries, as confirmed by Kim’s office.
This meeting marks the first high-level dialogue between the two nations’ industry ministers since 2022.
Kim and Li specifically explored strategies to stabilize battery industry supply chains connecting both countries. They also agreed to collaborate to ensure the seamless operation of South Korean semiconductor facilities located in China, the ministry stated.
In a separate meeting, Minister Kim met with Chinese Minister of Commerce Wang Wentao. They agreed to promptly activate a hotline in case of logistical delays or disruptions affecting raw material supplies, the ministry reported.
Both ministers committed to increasing the predictability of supply chains through export control dialogues and implementing a fast-track system for critical industrial materials, including rare earth elements and permanent magnets.
Regarding trade relations, both countries agreed to convene a joint Free Trade Agreement (FTA) committee within the first half of the year. The aim is to advance negotiations for upgrading the bilateral trade agreement to encompass services and investment, according to the ministry.
Seoul and Beijing will also resume discussions on measures to protect the intellectual property rights of South Korean cultural content, including music and film, within China, the ministry added.
