South Korea, EU agree to deepen cooperation on critical minerals, supply chains

South Korea and the European Union have agreed to strengthen cooperation on critical minerals, supply chain resilience and broader economic security issues amid rising global trade tensions, Seoul’s trade ministry said.

The agreement came during the second meeting of the Special Committee on Economic Security and Emerging Trade Issues, held virtually and jointly chaired by South Korean Vice Trade Minister Park Jung-sung and EU official Denis Redonnet, Caliber.Az reports via foreign media. 

According to South Korea’s Ministry of Trade, Industry and Resources, both sides emphasised the need to deepen cooperation in response to heightened supply chain volatility and intensifying technological competition among major economies.

A key focus of the talks was critical minerals, where both sides rely heavily on imports. The two parties agreed to expand cooperation on diversifying supply chains as well as on the stockpiling and recycling of strategic materials.

The ministry said South Korea also raised concerns over upcoming EU regulatory measures affecting batteries. Park Jung-sung reportedly requested that Brussels consider a grace period for the planned implementation of new battery rules, highlighting the role of Korean companies in European battery supply chains.

In addition, Seoul urged the EU to take South Korea’s position into account when developing the details of the proposed EU Industrial Accelerator Act (IAA), and expressed concerns over planned changes to EU steel safeguard measures.

By Sabina Mammadli