South Korea is evaluating whether to join US-led “Project Freedom” operations to escort merchant shipping through the Strait of Hormuz, the country’s foreign ministry said on Tuesday.
In a statement, Seoul said it 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.” The government added that it is “reviewing the US proposal about the Strait of Hormuz based on the principle, the military readiness posture on the Korean Peninsula and domestic laws.”
The ministry said South Korea and the United States have been “closely communicating for safe use of key waterways” including the Hormuz Strait. US forces formally launched Project Freedom on Monday to help merchant ships transit the narrow chokepoint, which has been disrupted by Iranian interdictions and a series of armed incidents over the past month.
South Korea’s hesitation reflects the trade-off facing major Asian importers. The Korea Energy Economics Institute estimates South Korea sources roughly 60 percent of its crude from the Gulf, much of it routed through Hormuz, while its armed forces remain heavily committed to deterring North Korea on the peninsula. Tokyo, Manila and Singapore are reviewing similar invitations.
Asia accounts for more than half of global manufacturing output, and a UN report cited by the foreign ministry estimated that the wider US-Iran-Israel war has put Asia-Pacific economies on track to lose hundreds of billions of dollars and could push millions into poverty.
For Sri Lanka, which is not a participant in Project Freedom, any expansion of the escort coalition to include large Asian navies would help stabilise the cargo insurance and shipping availability that determine the cost of Colombo’s fuel imports. Reports cited CNN.
