(Bloomberg) — South Korea and the United Kingdom have agreed to strengthen economic security cooperation and strengthen key supply chains, amid a US-led initiative to diversify supply chains globally from China.
During the opening of the UK-Korea High-Level Economic Dialogue held in Seoul on Friday, UK Foreign Affairs Secretary for Indo-Pacific Anne-Marie Trevelyan and Deputy Foreign Minister Korea’s envoy, Lee Dohoon, has agreed to work more closely on key and emerging technology policies. The talks highlighted areas such as AI, quantum computing and biotechnology.
“Both countries also expressed their desire to promote new global trade rules relevant to the 21st century and pledged to coordinate efforts to strengthen economic security and strengthen supply chain resilience. important response,” according to a joint statement on Friday.
The announcement reinforces the Biden administration’s efforts to diversify global supply chains, currently dominated by China, while addressing concerns about disruption to them. These two countries join with others in a growing number of alliances established to maintain competitive advantage in technology and other advancements in the context of US-China rivalry.
Besides technology cooperation, the dialogue also highlighted climate change, especially the importance of supporting vulnerable and developing countries. The Ministers welcomed the signing of the Letter of Intent on a Strategic Development Partnership to strengthen bilateral development cooperation in the Indo-Pacific region.
The two ministers expressed optimism about the successful operation of intergovernmental channels, including the Korea-UK Joint Committee Meeting on Science and Technology Cooperation.
US President Joe Biden has called for support from allies including South Korea in reducing global supply chain reliance on China, while imposing sweeping restraints on China. the sale of advanced semiconductor equipment. Korea has committed to work with other key partners in the region including Japan, India, France, Canada and the Netherlands to facilitate a stable supply chain.