[Full Text] President Yoon Attends IPEF Summit... "Let's Join Forces for an Era of Shared Prosperity"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the afternoon of the 23rd, President Yoon Suk-yeol requested at the inaugural summit of the Indo-Pacific Economic Framework (IPEF) that officially launched, "Let us join forces to open an era of shared prosperity in the Indo-Pacific region."

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

Below is the full text of President Yoon’s keynote speech at the IPEF launch.

Distinguished leaders of the IPEF participating countries,

And all attendees, it is a pleasure to meet you.

I am very pleased to join this meaningful occasion for the sustainable growth of the Indo-Pacific region. I deeply thank President Biden for his excellent leadership in bringing IPEF to launch. I am glad to see President Biden again, with whom I shared a schedule in Korea over the past three days. I am also pleased to meet Prime Minister Kishida and Prime Minister Modi via video, who congratulated me personally by phone shortly after my election. The fact that many leaders are attending today’s launch itself gives us stronger confidence that IPEF’s future will be successful. Everyone present here has congratulated the new government’s launch, and I look forward to meeting you in person soon.

Honorable leaders and attendees of the participating countries,

The world is currently facing diverse and complex crises such as the pandemic, supply chain restructuring, climate change, and food and energy crises. These are problems that no single country can solve independently. Global solidarity and cooperation among nations are more necessary than ever. In this difficult situation, the launch of IPEF for the shared prosperity of regional countries is very meaningful.

Honorable leaders and attendees of the participating countries,

The Republic of Korea has achieved rapid growth and development based on liberal democracy and a market economy system. Korea will share its experience and cooperate in all areas covered by IPEF. In particular, we intend to propose cooperation measures in supply chain strengthening, digital transformation, and clean energy and decarbonization sectors.

First, an international cooperation system is crucial to effectively respond to the global supply chain crisis. Korea, which possesses core capabilities in advanced industries such as semiconductors, batteries, and future vehicles, will build mutually beneficial supply chains with regional countries.

Second, the world is undergoing a massive transformation toward a digital economy. Korea has the world’s best communication technology, having commercialized 5G first. We will lead new technological innovations such as AI, data, and 6G, and contribute to building digital infrastructure and closing the digital divide.

Finally, we will actively cooperate in the clean energy and decarbonization sectors. Korea, based on its high technological capabilities in clean energy fields such as nuclear power, hydrogen, and renewable energy, will build carbon reduction infrastructure through bold investments and contribute to strengthening technological capabilities.

Honorable leaders and attendees of the participating countries,

Today’s launch of IPEF is a meaningful first step demonstrating the will for solidarity and cooperation among regional countries amid rapidly changing economic environments. I hope IPEF will be pursued under the principles of ‘openness,’ ‘inclusiveness,’ and ‘transparency.’ Let us join forces to open an era of shared prosperity in the Indo-Pacific region. Korea will also fulfill its responsibilities based on strong solidarity. Thank you.