Koo Yun-cheol Attends G7 Finance Ministers' Meeting: 'Strengthening International Cooperation on Supply Chains Is Essential'

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, participated in the Group of Seven (G7) Finance Ministers' Meeting (G7 FMM) held virtually on the 8th, where he discussed export controls and measures to stabilize the supply chain for critical minerals.
Finance ministers from G7 member states, as well as invited countries such as Korea, Australia, India, Mexico, and Chile, attended the meeting. Koo Yun-cheol joined at the invitation of Canada, which holds the G7 presidency this year. This marks his second participation in a G7 event, following the high-level G7 dialogue held during the International Monetary Fund (IMF) and World Bank annual meetings last October.
During the meeting, participants shared the impact of increased global supply chain uncertainties, such as recent export controls on rare-earth elements (REE), and discussed international responses to stabilize the supply chain for critical minerals.
Koo Yun-cheol highlighted Korea's experience in responding to supply chain disruptions and emphasized the importance of international cooperation, including diversifying global suppliers and jointly exploring and developing resources with resource-rich countries. He also suggested that each country should strengthen domestic production bases, promote recycling and the development of alternative and reduction technologies for critical minerals, and expand stockpiles to enhance supply chain resilience.
Koo Yun-cheol reiterated the need for the international community to work closely together to ensure global supply chain stability, and stated that Korea will actively cooperate as a responsible partner.
syj@fnnews.com Seo Young-jun Reporter