South Korea is evaluating whether to join US efforts to guide merchant ships through the Strait of Hormuz, the country’s foreign ministry said in a statement Tuesday.
“The government holds the principle that safety and free navigation in international maritime passage should meet all nations’ common interest and be protected according to international law,” reads the statement.
“We are reviewing the US proposal about the Strait of Hormuz based on the principle, the military readiness posture on the Korean Peninsula and domestic laws. About Project Freedom, South Korea and the US have been closely communicating for safe use of key waterways including the Hormuz Strait,” it added.
US forces launched Project Freedom, which aims to help merchant ships safely transit the Strait of Hormuz, on Monday.
South Korea and many other Asian economies have been badly affected by restrictions on shipping through the strait as they are highly reliant on fuel imports from the Gulf.
The fallout of the US and Israel’s war with Iran is poised to cost the Asia-Pacific economy hundreds of billions of dollars and plunge millions into poverty, according to a report from the United Nations published April 14
In addition, Asia accounts for more than half of the world’s manufacturing, which means economic hits to the region can have significant global impact.