(KPL/Yonhap) Republic of Korea and Singapore were set to hold talks Tuesday on ways to strengthen bilateral cooperation on supply chain issues, especially in the bio sector, amid growing risks in global supply chains, Seoul's industry ministry said.

The meeting, set to be held virtually later in the day, will mark the first of its kind since the countries signed a bilateral supply chain partnership arrangement (SCPA) in October, according to the Ministry of Trade, Industry and Energy.

The SCPA is aimed at boosting the countries' response capabilities to supply chain risks and bolstering cooperation in future industries.

In Tuesday's meeting, the two sides plan to discuss measures to expand supply chain cooperation in the bio sector, where South Korea has advanced manufacturing and technological capabilities and Singapore serves as the global hub for the sector, the ministry said.

Seoul and Singapore also plan to establish a hotline for a joint response to disruptions in supply chains and to provide prior notification upon detecting signs of potential supply chain disruptions.

In the event of an actual disruption, the two sides will convene an emergency meeting within five days to exchange information, provide business matching services and explore alternative supply sources, according to the ministry.

"With supply chain risks becoming increasingly structural worldwide, the SCPA can serve as a crucial framework for strengthening the stability and responsiveness of our industries," said Lee Jae-keun, director general for new trade strategy and policy at the ministry.

"The government will continue expanding SCPAs with other key countries where supply chain cooperation is essential," Lee added.

KPL