South Korea and Oman agree to resume economic cooperation talks

Industry Minister Kim Jung-kwan held talks on Monday with an Omani official to expand energy and logistics ties amid the Middle East crisis.

Industry Minister Kim Jung-kwan discussed expanding economic cooperation with Oman in a video meeting on Monday.

Kim spoke with OPAZ Chairman Qais bin Mohammed Al Yousef. They covered energy supplies and logistics routes that avoid the Strait of Hormuz.

Oman pledged last month to deliver 5 million barrels of oil and 1.5 million tons of naphtha to South Korea by year-end. The sides also agreed to restart the stalled economic cooperation committee.

Kim noted Oman's role as a key partner due to its location and resources.

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South Korean and Japanese defense officials discussing a military pact at a forum in Singapore.
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South Korea discusses military logistics pact with Japan at forum

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Defense Minister Ahn Gyu-back said Sunday that South Korea discussed a Japan-proposed bilateral military logistics support pact at the Shangri-La Dialogue in Singapore, while maintaining reservations on the matter.

President Lee Jae-myung held a summit with Indian Prime Minister Narendra Modi in New Delhi on April 20, agreeing to double bilateral trade to $50 billion by 2030 and cooperate on energy supply chains amid Middle East tensions. The leaders confirmed resuming CEPA upgrade talks and signing MoUs in shipbuilding, AI and other areas. A selfie taken by Samsung Chairman Lee Jae-yong with a Galaxy Z Flip7 during the event went viral.

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Japanese and South Korean officials agreed to strengthen energy security during recent talks, as worries over supplies persist in Asia because of the U.S.-Israeli war against Iran.

South Korean stocks soared nearly 3 percent and the won strengthened sharply on April 3 amid reports of Iran drafting a protocol with Oman to monitor Strait of Hormuz traffic, fueling hopes of easing oil supply disruptions from the ongoing Middle East conflict. The KOSPI index climbed 2.74 percent to 5,377.30, while the won rose to 1,505.2 per U.S. dollar.

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South Korea and the United States will launch formal negotiations next week to implement security agreements reached at their leaders' summit.

President Lee Jae-myung returned home on April 24 after a six-day trip to India and Vietnam. He focused on expanding cooperation in energy and supply chains amid Middle East uncertainties during summits with the countries' leaders. Agreements aimed at doubling trade volumes and deepening strategic ties were reached.

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Finance Minister Koo Yun-cheol said Friday that South Korea's economy continues to maintain solid fundamentals despite the Middle East crisis. He pledged the government will keep an emergency posture until uncertainties subside.

 

 

 

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