The government pledged to work closely with local chipmakers to support their response to a recent U.S. request for information on global supply chains to "help improve trust and transparency."

At an inaugural strategic meeting on the economy and security on Monday, Finance Minister Hong Nam-ki said corporate autonomy regarding trade secrets, state support and cooperation with the U.S. should be considered.

While Seoul has delivered local chipmakers' concerns through various channels, the government and companies agreed to continue communication after the November 8 deadline.

As for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), Hong said the attendees discussed its economic and strategic value, risk factors and ways to move forward. 

Seoul is expected to finalize its decision on whether it will become a member next week.

The ministerial consultative body was established to draw up comprehensive economic and security strategies amid disruptions to global supply chains and the expansion of inflation worldwide.