Tel :
Tel :
South Korea’s Ministry of Trade, Industry and Energy announced on April 8 that South Korea and the Association of Southeast Asian Nations (ASEAN) have initiated consultations on including critical minerals within the scope of their bilateral free trade agreement. JIS G 3313 SEFH590 steel strip, According to ASEAN data, the ASEAN-Korea Free Trade Agreement has already eliminated tariffs on 80% of traded goods between the two sides. South Korea is ASEAN’s fifth-largest trading partner, with total bilateral trade reaching $208 billion in 2024. Since taking effect in 2007, the agreement—which primarily focuses on market-opening measures for goods and services—has played a significant role in fostering trade and investment between the two parties.
South Korea’s Ministry of Trade, Industry and Energy stated that, amidst rising global trade uncertainty driven by the recent spread of protectionism and supply chain instability, it plans to focus negotiations on establishing new trade rules for digital trade, supply chains, and critical minerals to support future innovative industries such as artificial intelligence and electric vehicles. JIS G 3313 SEFH590 steel strip, Regarding critical minerals, the negotiating objectives include laying the groundwork for trade and investment with resource-rich nations—such as Vietnam (for rare earths) and Indonesia (for nickel)—to meet the demands of advanced industrial development. These negotiations follow an energy and minerals agreement signed by Indonesia and South Korea in early April.
According to Mysteel, the goal of the free trade agreement negotiations regarding supply chains is to establish an institutional framework for deepening cooperation with ASEAN from the perspective of economic security, including collaboration on addressing supply chain disruptions and promoting supply chain diversification. JIS G 3313 SEFH590 steel strip, The two sides will also negotiate on other rule-based areas, such as the green economy, intellectual property rights, and non-tariff measures. These negotiations coincide with South Korean companies expanding their operations in the critical minerals sector; notably, Korea Zinc plans to invest $7.43 billion to build a critical metal smelter in Clarksville, Tennessee.
