SEOUL, Oct. 6 (Yonhap) — South Korea is set to take part in a new round of negotiations on the United States-led Indo-Pacific Economic Framework (IPEF) to be held in Malaysia later this month, officials said Friday. The sixth round of IPEF talks will occur from Oct. 15-24 in Kuala Lumpur, and South Korea plans to send a delegation, according to the Ministry of Trade, Industry and Energy.
The initiative, launched by U.S. President Joe Biden in 2022, includes 14 member nations, such as South Korea, the U.S., Australia, India, Indonesia, Japan, Singapore, Thailand and Vietnam. The four pillars of the framework are trade, supply chain resilience, a clean economy and a fair economy, and an agreement on the supply chain resilience pillar was reached during a meeting in May.
The Office of the United States Trade Representative has stated that in Malaysia, the IPEF partners will continue to make progress on negotiations towards high-standard outcomes under Pillars I (Trade), III (Clean Economy), and IV (Fair Economy). On Thursday, South Korea’s Trade Minister Ahn Duk-geun held a meeting with domestic associations of major industries, including those for steel and carmakers, as well as research institutions, to share the development of the talks and discuss the country’s strategies.
Ahn noted, “We will continue to participate in IPEF discussions in a proactive and constructive manner to have our companies enjoy more chances for trade and investment.” The IPEF members represent around 40 percent of global gross domestic product and 28 percent of global goods and services trade, according to government data.
graceoh@yna.co.kr
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