South Korea’s Foreign Minister Cho Hyun attended the first ministerial meeting on critical minerals in Washington, DC, on June 4, 2024. The event, hosted by the US State Department, brought together 56 countries, including G7 members, to discuss strategies for stabilizing and diversifying global critical minerals supply chains. Minister Cho also met with US Energy Secretary Chris Wright to discuss the implementation of the US-Korea Joint Fact Sheet (JFS) and ways to deepen bilateral nuclear cooperation. Both sides agreed on the need for concrete progress in nuclear enrichment, reprocessing, and nuclear-powered submarine collaboration.
The policy impacts a wide range of stakeholders, including government agencies, nuclear and energy industries, and international supply chain partners. The meeting highlighted the increasing cooperation between South Korean and US nuclear companies, as well as the importance of joint ventures in third countries. The transition from the Minerals Security Partnership (MSP) to the Forum on Resource Geostrategic Engagement (FORGE) was announced, with South Korea serving as chair until June 2024. Key US officials, including Vice President J.D. Vance and Energy Secretary Chris Wright, participated, underscoring the US administration’s focus on supply chain diversification.
Implementation of the new FORGE framework will focus on promoting investment in critical minerals projects, enhancing diplomatic coordination among member states, and strengthening communication across all stages of the supply chain. South Korea has committed to expanding practical cooperation and identifying new collaborative projects during its chairmanship. The meeting also included bilateral discussions between Minister Cho and representatives from Canada, India, Israel, Kazakhstan, Mexico, Mongolia, the Netherlands, and the UK. The government plans to continue working with G7 and FORGE members to ensure global supply chain stability.
Frequently asked questions include: What is the purpose of the FORGE partnership? FORGE aims to enhance international cooperation on critical minerals and ensure supply chain security. How will this affect nuclear cooperation between South Korea and the US? Both countries have agreed to accelerate practical consultations on nuclear enrichment, reprocessing, and submarine technology. What are the next steps? South Korea will lead FORGE until June 2024, focusing on investment, coordination, and stakeholder engagement in the critical minerals sector.
The transition from MSP to FORGE, with South Korea as chair, marks a pivotal development in international resource cooperation. The policy’s emphasis on both nuclear technology and critical minerals supply chains demonstrates a comprehensive approach to energy security and industrial resilience. The active involvement of 56 countries and high-level US officials signals strong multilateral commitment. This initiative is expected to yield tangible benefits for global supply chain stability and foster deeper bilateral and multilateral partnerships.