Seoul to join int`l energy body

South Korea is to join the International Energy Agency (IEA), a cooperative body of developed energy-consuming nations. The Ministry of Foreign Affairs and Trade said Friday that participants in the latest intra-governmental economic policy coordination meeting had approved a plan to submit a membership application to the IEA in early April. The IEA is expected to act on Seoul`s membership at its executive council meeting in April and ministerial meeting slated for May 16.

The international organization invited South Korea to become a member last July, when it was determined that the latter met the requirement by maintaining a 90-day supply of oil. Only the Organization for Economic Cooperation and Development (OECD) members are eligible for entry into the IEA, which was created in 1974 as an answer to the Organization of Petroleum Exporting Countries (OPEC). All but four of the 25 OECD members (South Korea, Iceland, Mexico and Slovakia) already joined the body.

The IEA is aimed at sharing information on world oil markets as part of efforts to cope with oil shortages and devise common strategies for energy emergencies. The foreign ministry said Seoul`s membership would allow it to work together with other members to deal with any future difficulties in energy acquisition and shipment.

[Yonhap]