Ministry of Trade, Industry and Energy Discusses Supply Chain Strategies in Preparation for IPEF Negotiations

Andeok Geun, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, is speaking at the 2nd Export Situation Review Meeting held at the Korea International Trade Association in Gangnam-gu, Seoul on the 6th. Photo by Moon Honam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] The government has begun gathering opinions to establish a supply chain cooperation system in preparation for the first round of negotiations on the Indo-Pacific Economic Framework (IPEF).

The Ministry of Trade, Industry and Energy announced on the 6th that it held the 'IPEF Public-Private Task Force Supply Chain Working Group Meeting.' At this meeting, the government shared the latest trends in IPEF discussions and discussed negotiation response strategies with economic organizations, representatives from major industry associations, and private experts.

The ministry viewed that amid increasing external uncertainties such as global supply chain disruptions, it is necessary to lead the stabilization and diversification of supply chains with Indo-Pacific countries, which hold a significant share in the global economy and trade.

Kwon Hyejin, Director of Free Trade Agreement Negotiations at the Ministry of Trade, Industry and Energy, who presided over the meeting, emphasized in her opening remarks, "In a trade environment where external uncertainties such as global supply chain disruptions have increased, it is necessary to lead the stabilization and diversification of supply chains with Indo-Pacific countries that hold a significant share in the global economy and trade." She added, "In the IPEF negotiations, participating countries are expected to cooperate among regional countries to respond to supply chain disruption crises and to discuss strengthening supply chain resilience and diversification through promoting regional investment and technological cooperation."

In particular, IPEF includes diverse participants such as resource-rich countries like Australia and Indonesia, and technologically advanced countries like the United States and Japan, raising expectations for improving the business environment for companies through regional supply chain cooperation and expanding opportunities for regional market entry.

The ministry stated, "We will participate in IPEF supply chain discussions in a way that is practically helpful to our companies and allows them to feel the effects," and added, "To this end, we will actively collect opinions from industry and experts at any time."