US-led IPEF Summit Held... 13 Countries Including Korea Participate (Update)

The Indo-Pacific Economic Framework (IPEF), a new trade and economic cooperation body led by the United States, officially launched on the afternoon of the 23rd.

[Asia Economy Reporter Ki-min Lee] The Indo-Pacific Economic Framework (IPEF), a new trade and economic cooperation initiative led by the United States, officially launched on the afternoon of the 23rd.

U.S. President Joe Biden, currently visiting Japan, along with leaders from 13 Indo-Pacific countries including South Korea and Japan, held a virtual summit to announce the official launch of the IPEF.

IPEF is a comprehensive economic and trade cooperation framework for the Indo-Pacific region proposed by the United States. Unlike traditional free trade agreements (FTAs) focused on market opening such as tariff reductions, it aims to establish new norms and strengthen regional cooperation on new trade issues including supply chains, digital economy, and clean energy.

The launch declaration was made at a meeting hosted by the United States, attended by 13 countries: South Korea, Japan, Australia, New Zealand, India, Singapore, Malaysia, the Philippines, Indonesia, Vietnam, Thailand, and Brunei. However, Indonesia was represented by Muhammad Lutfi, Indonesia’s Minister of Trade.

The Presidential Office expects that South Korea’s participation in the IPEF will stabilize its supply chains, proactively lead global norms on new trade issues such as digital economy, and secure future growth engines by strengthening cooperation with key regional countries in supply chains and new technologies.

A Presidential Office official stated, "The IPEF ministerial meeting will discuss more detailed issues than the summit," and added, "Our government plans to actively participate in IPEF discussions by communicating with industry and experts to strengthen industrial competitiveness through supply chain reinforcement and regional cooperation."