S. Korea, China agree to give prior notice in case of resources exports ban

• South Korea and China agreed to send prior notifications to each other in case of an exports ban on energy and key mineral resources, Seoul’s industry ministry said.
• The agreement was made during the fourth joint committee meeting of the South Korea-China Free Trade Agreement (FTA) held via teleconferencing attended by director-level trade officials, according to the Ministry of Trade, Industry and Energy.
• During the talks, the two sides vowed to work together to minimize disruptions in their supply chains by sending prior notifications to each other if either side imposes an exports ban on energy and mineral resources.
• South Korea had experienced a supply shortage of urea solution, a key fluid needed in diesel cars to cut emissions, after China imposed export curbs on urea in Oct 21 to ease domestic supply bottlenecks.
• South Korea is heavily dependent on China for supplies of urea and other raw materials. The two sides also vowed to enhance cooperation on improving support for the entry of business travelers, the establishment of smooth shipping logistics chains and customs clearance, the ministry said.

External Link : https://en.yna.co.kr/view/AEN20220126004600320?section=business/industry