Koo Yun-cheol Says Korea to Move Quickly on Prices, Supply and Subsidies as Middle East War Drags On

Koo Yun-cheol, South Korea’s deputy prime minister and finance minister, said April 13 that the government is swiftly pursuing a range of measures on prices, supply, subsidies and international cooperation in response to the prolonged war in the Middle East.

Koo made the remarks while chairing a meeting of economy-related ministers at the Government Complex Seoul. Geopolitical tensions in the Middle East are intensifying and adding to external uncertainty, he said.

A government review conducted the same day found that major economies, particularly Asian countries with heavy dependence on the Middle East, are implementing aggressive policies to stabilize energy prices and supplies, including fuel price caps.

Koo added that the government will continue to closely monitor developments in major countries and bolster its response where needed.

The US and Iran held 21 hours of ceasefire talks in Islamabad, the capital of mediator Pakistan, but the negotiations ultimately collapsed.

Han Kyung-woo, Hankyung.com reporter, case@hankyung.com