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Minister Bang promotes CF Alliance & supply chain stabilization on sidelines of APEC summit 2023-11-17

Trade, Industry and Energy Minister Bang Moon Kyu held talks with major countries’ ministers, U.S. companies and Korean firms operating in the U.S. on the sidelines of attending the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco.

First, Minister Bang met with U.S.’ Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez to co-chair the Korea-U.S. Clean Energy Business Roundtable in response to climate change, and requested active support from both governments and economic leaders on the Carbon-Free (CF) Alliance, and discussed measures for cooperation on critical minerals’ supply chain and energy security.

With U.S. Special Presidential Envoy for Climate John Kerry, Minister Bang discussed measures to facilitate the utilization of diverse carbon-free energy sources like nuclear power and new renewable energy in view of carbon neutrality and the recent urgency on climate crisis response, and exchanged views on the two countries’ substantial cooperation measures for the upcoming 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC).

Prior to the above meeting, the trade, industry and energy minister held talks with China’s Commerce Minister Wang Wentao to discuss measures for stronger economic cooperation and supply chain stabilization. During talks with Japan’s Economy, Trade and Industry Minister Nishimura Yasutoshi, he agreed to strengthen bilateral cooperation regarding the Indo-Pacific Economic Framework for Prosperity (IPEF), semiconductors and decarbonization.

The minister also listened to Korean and U.S. companies voice their challenges and opinions. To representatives of Boeing and General Motors (GM), he discussed investment in Korea and future directions for cooperation, such as increasing collaboration with Korean suppliers in supply chain consolidation. From seven Korean tech firms operating in the U.S., he gathered opinions and assured that the ministry will push R&D support and other necessary policies to promote exports.