Seoul: South Korea has taken part in the Group of Seven (G7) finance ministerial meeting as an observer member to discuss major economies' export control measures and critical mineral supply chains, the finance ministry said Tuesday.

According to Yonhap News Agency, Finance Minister Koo Yoon-cheol participated in the virtual meeting held with ministers of the G7 member nations and other invited countries, including Australia, India, and Mexico. The agenda focused on exchanging views regarding the impact of global supply chain uncertainties arising from export restrictions on rare earths and exploring ways to stabilize critical mineral supply chains.

This meeting marked the second occasion Minister Koo has participated in a G7 meeting at the invitation of this year's host nation, Canada. His previous attendance was during the annual meetings of the International Monetary Fund and the World Bank Group in October.

The finance ministry stated that Koo highlighted Korea's efforts to diversify its supply chains and its initiatives to engage in joint resources exploration and development projects with resource-rich countries. He emphasized Korea's commitment to actively cooperating with the international community for supply chain stabilization as a "credible" partner.