[Exclusive] Yoon Administration Confirms Joining IPEF... Launch Expected Late This Month

Decision to Join as Founding Member of IPEF... US-Led Indo-Pacific Economic Cooperation
Government: "Economic Territory Expansion Policy Remains... High Expectations for IPEF"
Launch Expected by End of This Month... Biden's Korea-Japan Tour from 20th to 24th

President-elect Yoon Seok-yeol Chairs Security Meeting at Yongsan National Crisis Management Center
(Seoul=Yonhap News) President-elect Yoon Seok-yeol is chairing a security situation briefing on the 6th at the newly established National Crisis Management Center in the Yongsan Ministry of National Defense building, which will be used as the presidential office.
Attending the meeting were key appointees for national security positions, including Park Jin, nominee for Minister of Foreign Affairs, Kwon Young-se, nominee for Minister of Unification, Lee Jong-sup, nominee for Minister of National Defense, Kim Dae-gi, designated Chief of Staff, and Kim Sung-han, designated Director of the National Security Office. 2022.5.6 [Provided by the Office of the President-elect Spokesperson. Redistribution and DB use prohibited]
Photo by Yonhap News
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[Asia Economy Sejong=Reporter Lee Junhyung] The Yoon Seok-yeol administration has decided to participate in the Indo-Pacific Economic Framework (IPEF) led by the United States. The plan is to join as an initial member of IPEF and lead regional trade norms. The launch is likely to take place at the end of this month, shortly after U.S. President Joe Biden's visits to South Korea and Japan. While IPEF signals positive prospects for economic cooperation between South Korea and the U.S., it may have negative implications for relations with China, making it the Yoon administration's first major trade test.

According to related ministries on the 9th, the new government has virtually confirmed its participation in IPEF. This decision is based on the judgment that joining as a founding member is necessary to actively influence regional trade norms. The new government plans to officially announce its intention to join after the U.S. releases detailed blueprints for IPEF. A government official stated, "There is no significant change in trade policy direction between the current and new administrations in terms of expanding economic territory," adding, "The efficiency and expected benefits of IPEF are substantial."

IPEF is an economic cooperation framework in the Indo-Pacific region led by the United States. The Biden administration first unveiled the concept of IPEF at the East Asia Summit (EAS) in October last year. The U.S. has approached key regional countries including South Korea, Japan, Australia, Singapore, and New Zealand to gauge their willingness to participate in IPEF.

The next government believes that participating from the early stages of IPEF is essential to maximize economic benefits. This is because IPEF is structured to decide on the form of agreements through discussions among member countries shortly after its launch. The U.S. plans to apply a ‘modular approach’ that allows countries to choose whether to adopt agreements on major agenda items, aiming to include as many countries as possible in IPEF.

The launch is likely at the end of this month. President Biden will visit South Korea and Japan from the 20th to the 24th of this month. On the 21st, President Biden is scheduled to hold a South Korea-U.S. summit with President-elect Yoon Seok-yeol before heading to Japan to host the Quad summit, a forum aimed at countering China. Another government official said, "The U.S. side is accelerating the launch of IPEF," adding, "The launch date is expected to be officially announced soon."