U.S.-led IPEF member nations launch official negotiations

All News 12:00 September 11, 2022

SEOUL, Sept. 11 (Yonhap) -- South Korea and 13 other member nations of the Indo-Pacific Economic Framework have agreed to kick off official negotiations to boost regional economic cooperation facing multiple economic challenges, according to Seoul's trade ministry.

Trade Minister Ahn Duk-geun and his counterparts from the IPEF member nations agreed Friday to start the formal rule-setting talks on the four key pillars of fair trade, supply chain resilience, infrastructure and green technology, and tax and anti-corruption, according to the Ministry of Trade, Industry and Energy.

The platform has 14 members -- South Korea, the U.S., Japan, Australia, New Zealand, Vietnam, Brunei, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Fiji.

The agreement was made following the two-day ministerial meeting held in Los Angeles last week, co-hosted by U.S. Trade Representative Katherine Tai and U.S. Commerce Secretary Gina Raimondo.

U.S. President Joe Biden launched the economic framework in May, which is widely seen as his government's effort to counter China's growing influence in the region.

"The components of the trade pillar will promote a race to the top for all, strengthen our supply chains and spur cooperation that supports durable growth," Tai said Friday during the closing press conference.

South Korea will take part in talks on the four pillars and will push for various projects with member nations in the related fields to maximize national interests within the framework, according to the ministry.