Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Global Supply Chain Crisis: Tri-Nation Partnership Takes a Stand

Daniel Kim Views  

G20재무장관회의 및 IMF/WB 춘계회의 참석차 미국 워싱턴을 방문중인 최상목 부총리 겸 기획재정부 장관이 17일(현지시각) 미국 재무부에서 열린 '제1차 한미일 재무장관 회의'에 참석해 모두발언을 하고 있다. 가운데는 재닛 옐런 미국 재무장관, 왼쪽은 스즈키 슌이치 일본 재무장관. 2024.4.17 [기획재정부 제공. 재판매 및 DB금지]

The United States, South Korea, and Japan have declared their intention to counteract the supply chain crisis caused by China’s overproduction and low-cost dumping in the electric vehicle and solar panel industries, among others, through a Reinforcing and Improving Sustainable Economies (RISE) partnership.

On the 17th (local time), Choi Sang Mok, the Deputy Prime Minister and Minister of Economy and Finance in South Korea, U.S. Treasury Secretary Janet Yellen, and Japanese Finance Minister Shunichi Suzuki held a meeting in Washington, D.C., where they adopted a joint statement for the first time containing these details.

This meeting, a follow-up to the tripartite summit held at Camp David in the United States last August, served as a platform for the finance ministers of the three countries to discuss the changing economic and financial situations.

While the U.S. did not explicitly mention China, it effectively put China’s overproduction issue on the agenda.

Earlier, Secretary Yellen, during her visit to China from the 4th to the 8th, warned that “the overproduction of Chinese products in areas such as electric vehicles, solar panels, and clean energy is unacceptable.” U.S. Trade Representative Katherine Tai, appearing at a U.S. House Ways and Means Committee hearing on the 16th, pointed out, “China’s unfair policies and practices have devastated many labor communities and industries across the United States.”

The finance ministers of the three countries included in their joint statement, “We emphasize the importance of cooperation to overcome the damage that the vulnerability of supply chains, economic coercion in key sectors, and other non-market economic practices of other countries can inflict on our economy. We reaffirm the leaders’ agreement on fundraising to enhance supply chain resilience and will work together through the RISE partnership to achieve this.”

RISE is a cooperative body launched in November last year, led by the Group of Seven (G7) and the World Bank (WB), to expand the role of middle- and low-income countries in the entire clean energy supply chain, providing growth opportunities and strengthening global supply chain resilience. It aims to reduce dependence concentrated on specific countries like China throughout the whole supply chain, from mineral mining to processing and manufacturing.

South Korea has pledged $3 million (USD) to RISE. Through regional and international supply chain consultation bodies, it plans to stabilize core industries and major mineral supply chains such as steel, aluminum, solar panels, batteries, and electric vehicles.

Deputy Prime Minister Choi said, “We need to strategically respond through close dialogue and solidarity among the three countries against disruptions in the supply chain caused by factors threatening stable trade and economic order.”

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[WORLD] Latest Stories

  • Could Trump Solve the North Korea Puzzle Again? Insights from a Former NSC Director
  • Caught in the Act: U.S. Accuses Chinese Firms of Backing Putin in Ukraine Conflict
  • U.S. Vice President Kamala Harris Reports Receiving Beyoncé's Concert and Football Game Tickets
  • Promise of a United Front: South Korea's National Assembly Aims for Harmony
  • White House Targets Chinese Solar Imports: Tariffs on Dual-sided Panels and Blocking Circumventing Exports through Southeast Asia
  • Weapons for Defense, Not Dollars: North Korea's Stance on Arms Exports Revealed!

Weekly Best Articles

  • 10 Surprising Laws That Could Get You Arrested Abroad
  • New mRNA Cancer Vaccine: A Beacon of Hope for Brain Tumor Patients
  • Why Do We Feel Moody at Night? 10 Important Role of Serotonin
  • 10 Hidden Role of Pillows in a Good Night’s Sleep
  • Double Trouble: Two APOE4 Genes Escalate Alzheimer’s Onset
  • Are Men with High Testosterone More Prone to Heart Disease?
  • Ugly Truth About Using Hand Cream as a Face Moisturizer
  • New Research Unlocks Genetic Puzzles of Hypertension
  • Scotland Offers $63,000 to Live on Stunning Islands – Here’s Why
  • Get Ripped in Record Time: The Truth About Muscle Building
  • The Secret to Maintaining Muscle Strength May Be in Your Biological Clock
  • Tourists Turned Off by Rising Costs of Hawaii’s Vacation Rentals

You May Also Like

  • 1
    Are Men with High Testosterone More Prone to Heart Disease?

    LIFESTYLE 

  • 2
    Ugly Truth About Using Hand Cream as a Face Moisturizer

    LIFESTYLE 

  • 3
    New Research Unlocks Genetic Puzzles of Hypertension

    LATEST 

  • 4
    Scotland Offers $63,000 to Live on Stunning Islands - Here's Why

    LIFESTYLE 

  • 5
    Get Ripped in Record Time: The Truth About Muscle Building

    LIFESTYLE 

Popular Now

  • 1
    The Secret to Maintaining Muscle Strength May Be in Your Biological Clock

    LATEST 

  • 2
    Tourists Turned Off by Rising Costs of Hawaii's Vacation Rentals

    LIFESTYLE 

  • 3
    Blast Off to China: Rise of Space Tourism in Hainan

    LIFESTYLE 

  • 4
    Beat the Heat: How to Prepare Abalone Samgyetang for a Healthy Summer

    LIFESTYLE 

  • 5
    10 Ear Diseases You Should Never Ignore

    LIFESTYLE 

Weekly Best Articles

  • 10 Surprising Laws That Could Get You Arrested Abroad
  • New mRNA Cancer Vaccine: A Beacon of Hope for Brain Tumor Patients
  • Why Do We Feel Moody at Night? 10 Important Role of Serotonin
  • 10 Hidden Role of Pillows in a Good Night’s Sleep
  • Double Trouble: Two APOE4 Genes Escalate Alzheimer’s Onset
  • Are Men with High Testosterone More Prone to Heart Disease?
  • Ugly Truth About Using Hand Cream as a Face Moisturizer
  • New Research Unlocks Genetic Puzzles of Hypertension
  • Scotland Offers $63,000 to Live on Stunning Islands – Here’s Why
  • Get Ripped in Record Time: The Truth About Muscle Building
  • The Secret to Maintaining Muscle Strength May Be in Your Biological Clock
  • Tourists Turned Off by Rising Costs of Hawaii’s Vacation Rentals

Must-Reads

  • 1
    Are Men with High Testosterone More Prone to Heart Disease?

    LIFESTYLE 

  • 2
    Ugly Truth About Using Hand Cream as a Face Moisturizer

    LIFESTYLE 

  • 3
    New Research Unlocks Genetic Puzzles of Hypertension

    LATEST 

  • 4
    Scotland Offers $63,000 to Live on Stunning Islands - Here's Why

    LIFESTYLE 

  • 5
    Get Ripped in Record Time: The Truth About Muscle Building

    LIFESTYLE 

Popular Now

  • 1
    The Secret to Maintaining Muscle Strength May Be in Your Biological Clock

    LATEST 

  • 2
    Tourists Turned Off by Rising Costs of Hawaii's Vacation Rentals

    LIFESTYLE 

  • 3
    Blast Off to China: Rise of Space Tourism in Hainan

    LIFESTYLE 

  • 4
    Beat the Heat: How to Prepare Abalone Samgyetang for a Healthy Summer

    LIFESTYLE 

  • 5
    10 Ear Diseases You Should Never Ignore

    LIFESTYLE 

Share it on...