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Yoon to announce S. Korea's participation in IPEF

Diplomacy 14:08 May 18, 2022

SEOUL, May 18 (Yonhap) -- President Yoon Suk-yeol plans to announce South Korea's participation as a founding member of the U.S.-proposed Indo-Pacific Economic Framework (IPEF), a presidential official said Wednesday.

Yoon is considering making the announcement during his summit with U.S. President Joe Biden in Seoul this Saturday and then virtually joining a summit in Tokyo next Tuesday where Biden will formally launch the initiative, the official said.

The IPEF is a framework unveiled by Biden at the East Asia Summit last October to strengthen U.S. economic cooperation with Indo-Pacific partners in key areas such as fair trade, supply chain resilience, infrastructure, clean energy, and decarbonization.

The initiative is widely viewed as an anti-China coalition aimed at excluding China from global supply chains.

Yoon said in a speech to parliament Monday that he will discuss ways to strengthen cooperation on global supply chains through the IPEF when he meets with Biden this week.

This compilation image shows President Yoon Suk-yeol (R) and U.S. President Joe Biden, with the photo of Biden taken from the EPA. (Yonhap)

hague@yna.co.kr
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