Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 30 that all three of the supply chain bodies under the Indo-Pacific Economic Framework for Prosperity (IPEF)—Supply Chain Council, Crisis Response Network (“CRN”), and Labor Rights Advisory Board—have officially launched and entered the implementation phase, and that Korea has been elected as the inaugural chair of CRN.

CRN is the world’s first supply chain emergency response platform introduced by IPEF for seeking joint response measures among the 14 partner countries through emergency meetings in the case of supply chain disruptions. At the request of a single country, an emergency meeting is convened within 15 days to discuss support measures for joint procurement, swift customs procedures, and securing alternative supply chain and transportation routes, and may be elevated to either ministerial or summit level according to need. During non-crisis times, CRN assists programs for strengthening partner countries’ response capacity, such as developing disruption countermeasure strategies, conducting tabletop exercises, and making assessments on partner countries’ emergency response experience and related policies.

On July 24, Korea was elected as the CRN’s chair with unanimous consent, indicating that Korea’s experience and policy know-how in supply chain emergency response were highly appraised by partner countries. Moreover, Japan’s election as vice chair places the two countries in a position to take the joint initiative in building a global cooperative system for supply chain management.

Minister for Trade Inkyo Cheong stated that CRN is an innovative platform that enables solidarity and cooperation between industrial powers and resource-rich countries.