[Editorial] Government unveils comprehensive rare earth strategy; it should also sign on to the US supply chain framework

On the 5th, the government released its "Comprehensive Strategy for Securing Rare Earth Supply Chains." It plans to designate rare earth elements (REE) as critical minerals and pursue a response strategy that covers every stage, from resource development and refining/processing to utilization and recycling.
The comprehensive strategy from the government actually feels overdue. It is puzzling why REE are only now being classified as critical minerals. China, the largest producer, has long used export controls on REE as a diplomatic weapon. During the US–China power struggle, Beijing repeatedly halted REE exports to the United States, and South Korea often suffered collateral damage in the process. It was a classic case of a shrimp getting its back broken in a fight between whales.
Still, it is fortunate that the government has at least now come forward with a more comprehensive plan and pledged to move quickly. REE are indispensable to Korean industry. They are as important as oil. They are used across advanced sectors, from smartphones and electric vehicles to wind turbines and fighter jets. If procurement becomes difficult or prices surge, we could face a crisis worse than an oil shock. Whatever controls China and other producing countries may impose in the future, South Korea must have robust countermeasures in place so that the domestic impact remains minimal.
What stands out in particular is the pledge to pursue our own resource development to secure REE. China accounts for 69.2% of global REE production and 92.3% of refining and processing. South Korea therefore has no choice but to work with countries other than China. There is Vietnam and Brazil, which rank second and third in REE reserves, as well as Myanmar, the third-largest producer after China and the United States, and Malaysia, which has emerged as a major REE refining hub.
These countries are already prime targets in the US–China supply chain battle. South Korea must jump into this competition, even at this late stage. The government and businesses need to pool their strength, widen their reach, and include Africa as a partner in cooperation. Early moves are essential. If we fall behind in this race, there may be no way to catch up later. Resource development has been largely neglected since the Lee Myung-bak administration. This is not a situation where we can simply stand by and watch.
Coincidentally, on the 4th (local time) in Washington, D.C., the United States held a meeting with representatives from various countries and announced the formation of a "critical minerals trade bloc." Delegations from 54 countries, including South Korea, Australia, India, and Japan, as well as officials from the European Commission (EC) of the European Union (EU), attended. The clear aim is to build an international supply chain cooperation framework in response to China’s weaponization of REE.
The United States said that South Korea will serve as chair of this trade bloc, named the "FORGE Initiative," through June. This is a valuable opportunity for South Korea to exercise international influence. Many countries are reported to have already signed on to the bloc, but South Korea has not yet done so. There may be procedures to complete, but there is no reason to delay signing. It would be even more problematic if we were hesitating out of concern for how China might react. This is not a security alliance issue, and there is nothing wrong with hedging. A practical strategy is to cooperate with China where possible while also taking an active part in the US-led framework.
In addition, South Korea must also manage other minerals that, like REE, are heavily dominated by China—so-called "second rare earth" resources. Reports indicate that for at least 30 of the 118 elements, China accounts for more than half of global production. We should set priorities and secure supply chains in advance for minerals that are absolutely essential to our industries. We must avoid scrambling to craft belated, stopgap measures only after a crisis has already erupted.