The United States and South Korea are engaged in conceptual discussions on how to diversify global supply chains in a way that would end China's dominance, the Yonhap news agency reported on Thursday, citing a diplomatic source
MOSCOW (Pakistan Point News / Sputnik - 21st May, 2020) The United States and South Korea are engaged in conceptual discussions on how to diversify global supply chains in a way that would end China's dominance, the Yonhap news agency reported on Thursday, citing a diplomatic source.
The reports came a day after US State Department Under Secretary Keith Krach said that he had talked about an economic initiative with South Korean officials back in November. According to Krach, the Economic Prosperity Network (EPN) is composed of like-minded countries, civil societies and businesses that will operate under democratic values. The initiative is expected to cover many areas of the economy, including commerce, energy, education, health care and technology. Experts, however, view the effort as an attempt to limit China's global influence.�
The anonymous source was quoted by Yonhap as saying that so far no agreement had been reached during the talks between Seoul and Washington on the EPN initiative, but discussions were ongoing.
Washington's push for the initiative has intensified during the COVID-19 pandemic, which exposed the US' dependence on China-dominated supply chains, including in the production of medical equipment like protective face masks and ventilators, the news agency reported.
