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S. Korea launches task force on new U.S.-led economic framework

Industry 15:47 June 23, 2022

SEOUL, June 23 (Yonhap) -- South Korea launched a task force Thursday for discussions with experts and the private sector on its strategy on the newly launched Indo-Pacific Economic Framework (IPEF), the trade ministry said Thursday.

The move came a month after U.S. President Joe Biden launched the initiative that also involves South Korea, Japan, Australia, New Zealand, India, Fiji and seven of the 10 Association of Southeast Asian Nations (ASEAN) members.

The task force involves associations of such key industry sectors as semiconductors, cars, steel and renewable energy resources, and major economic institutions, including the Korea Chamber of Commerce and Industry and the Korea International Trade Association.

During the inaugural meeting of the task force, Trade Minister Ahn Duk-geun shared the latest developments on the new initiative and listened to interests and concerns of the private sector, according to the Ministry of Trade, Industry and Energy.

The ministry said it will set up working groups on four major areas of the initiative -- fair trade, supply chain resilience, infrastructure and green technology, and tax and anti-corruption -- for in-depth discussions on a regular basis.

Trade Minister Ahn Duk-geun (L) attends the inaugural ministerial meeting of the Indo-Pacific Economic Framework via video link from Seoul on May 23, 2022, in this photo provided by his office. (PHOTO NOT FOR SALE) (Yonhap)

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