The Ministry of Trade, Industry and Energy announced on Monday that South Korea has joined the fifth round of talks concerning the United States-led Indo-Pacific Economic Framework (IPEF). The negotiations are being held in Bangkok and the South Korean delegation is headed by Deputy Minister for Trade Negotiations Roh Keon-ki.
The IPEF, which was established by U.S. President Joe Biden in 2022, is a platform that involves 14 member nations, such as South Korea, the U.S., Australia, India, Indonesia, Japan, Singapore, Thailand, and Vietnam. It has four main components: supply chain resilience, trade, a clean economy, and a fair economy. In May of 2023, the members of the IPEF reached an agreement on the supply chain resilience pillar during a meeting in Detroit.
“The member nations are now working on the details to finalize the agreements,” Roh commented. “We will strive to contribute to the negotiations and achieve tangible results.”
According to government data, the IPEF members collectively account for 40% of the global gross domestic product and 28% of the global goods and services trade. In 2021, South Korea’s total trade with the other 13 IPEF members amounted to $498.4 billion, making up 39.6% of the country’s total trade that year.
This file photo, provided by South Korea's trade ministry, shows the ministerial meeting of the Indo-Pacific Economic Framework (IPEF) in Detroit on May 27, 2023. (PHOTO NOT FOR SALE) (Yonhap)
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