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South Korea's Lee to Meet Rival Parties Over Middle East War Economic Fallout

South Korean President Lee Jae Myung is set to meet with ruling and opposition party leaders to address the economic fallout from the Middle East war. The meeting aims to establish a consultative body to tackle people's livelihood issues exacerbated by the conflict. Key discussions will focus on securing crude oil supplies, including plans to dispatch special envoys to Saudi Arabia, Oman, and Algeria. The government and ruling party are also working to dispatch Korean-flagged vessels to alternative shipping routes like Yanbu on the Red Sea.

Key Points: S. Korea Leaders Meet on Economic Fallout from Middle East War

  • Mitigate war's economic fallout
  • Form consultative body on livelihoods
  • Secure crude oil via special envoys
  • Dispatch ships to alternative routes
2 min read

South Korea: Lee set to meet with leaders of rival parties to discuss economic fallout from Middle East war

President Lee Jae Myung meets rival party leaders to discuss mitigating economic impact and securing oil supplies amid Middle East conflict.

"the economic situation stemming from the war in the Middle East will likely be discussed - Hong Ik-pyo"

Seoul, April 7

South Korean President Lee Jae Myung was set to hold a meeting with leaders of the ruling and the main opposition parties Tuesday, officials said, as they were expected to discuss measures to mitigate economic fallout from the war in the Middle East.

Lee is scheduled to meet with Democratic Party (DP) leader Jung Chung-rae, DP floor leader Han Byung-do, People Power Party (PPP) leader Jang Dong-hyeok and PPP floor leader Song Eon-seog at Cheong Wa Dae later in the day.

Prime Minister Kim Min-seok and Kang Hoon-sik, presidential chief of staff, will also join the gathering.

The planned meeting will mark the first such gathering since Lee held a luncheon meeting with the rival party leaders in September last year, Yonhap news agency reported.

Presidential secretary for political affairs Hong Ik-pyo has told reporters that the economic situation stemming from the war in the Middle East will likely be discussed at the gathering.

Hong also said the meeting is intended to establish a consultative body involving the ruling and opposition parties to address people's livelihood issues.

The ruling DP and the government agreed on Monday to seek the dispatch of special envoys to Saudi Arabia, Oman and Algeria to secure crude oil as the Strait of Hormuz, a key oil shipping route, is effectively closed amid the US-Israeli war with Iran.

The DP lawmakers and government officials are working to secure crude oil supplies through consultations with countries that have alternative routes, Rep. Ahn Do-geol told reporters after a consultative meeting at the National Assembly.

They also vowed to step up diplomatic efforts to stabilise the supply of crude oil, including dispatching the envoys to Saudi Arabia, Oman and Algeria.

Authorities are pushing to dispatch five Korean-flagged vessels to the Saudi Arabian city of Yanbu on the Red Sea coast, according to Rep. Ahn.

- IANS

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Reader Comments

P
Priya S
Interesting to see rival parties coming together for the national economy. Wish our political discourse in India could also focus more on such critical economic issues rather than constant squabbling. The Middle East conflict is a wake-up call for energy security everywhere. 🌍
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Aman W
Sending special envoys is crucial. When Hormuz is blocked, it's not just Korea's problem. India imports a massive amount of oil too. Our foreign ministry and petroleum ministry should be in overdrive, making similar diplomatic pushes. Hope we are learning from this.
S
Sarah B
While the focus on oil is understandable, I hope they also discuss the humanitarian cost of the war. The economic fallout is one thing, but the loss of life is tragic. Global leaders need to push harder for peace, not just secure their own supplies.
V
Vikram M
Good planning with the Korean-flagged vessels. We need to strengthen our own shipping capabilities. Over-reliance on foreign shipping lines during a crisis can be costly. Time to invest more in our strategic assets, including the merchant navy. Jai Hind!
K
Kriti O
The article mentions a 'consultative body for people's livelihood issues'. That's the key takeaway. When fuel prices rise due to such wars, it hits the common man hardest - transport, food prices, everything. Governments must have a direct plan to cushion that blow.

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