'IPEF Core Minerals Dialogue' to Launch... Promoting Mineral Resource Mapping and Recycling Technology Cooperation

Signing of Supply Chain Agreement at IPEF Summit
Substantial Agreement Reached on Clean and Fair Economy
IPEF Critical Minerals Dialogue to Hold Monthly Working-Level Meetings Starting Next Year

At the Indo-Pacific Economic Framework (IPEF) summit, participating countries launched the 'IPEF Critical Minerals Dialogue' to promote cooperation on mineral resource mapping and the expansion of mineral recycling technologies.

The Ministry of Trade, Industry and Energy announced on the 17th that President Yoon Suk-yeol agreed on future cooperation regarding critical minerals at the IPEF summit held on the 16th (local time) in San Francisco, USA.

IPEF is a cooperative framework established by major Indo-Pacific countries including Korea, the United States, Japan, Australia, Thailand, and India to jointly address emerging global trade issues such as supply chains and climate change. Fourteen leaders, including President Yoon, held the first IPEF summit in May last year to launch IPEF. Since then, negotiations have been ongoing in four areas: trade, supply chains, clean economy, and fair economy.

At the ministerial meeting held on the 13th and 14th (local time), just before the summit, IPEF leaders welcomed the achievements of signing the supply chain agreement and the substantial conclusion of the clean economy and fair economy agreements reached in May. These accomplishments were achieved through seven official negotiations, multiple ministerial meetings, and intersessional meetings over approximately one and a half years since IPEF’s launch. These agreements will be monitored for implementation through annual ministerial meetings starting next year and biennial summits.

In the declaration announced at this summit, IPEF leaders agreed that these agreements will ▲strengthen capabilities to prevent and respond to supply chain disruptions ▲promote cooperation and investment for the transition to a clean economy ▲develop a fair economy by preventing corruption and enhancing tax administration efficiency ▲and continuously strive to achieve mutually beneficial trade agreement outcomes.

Furthermore, IPEF leaders agreed to activities aimed at strengthening cooperation and joint response capabilities for new collaborations and future issues. First, they launched the 'IPEF Critical Minerals Dialogue.' Through this dialogue, they plan to promote mineral resource mapping, discuss ways to expand trade in chemicals and machinery used for critical mineral mining and refining, and advance technological cooperation to increase mineral recovery and recycling. Additionally, they will establish and operate the 'IPEF Network' to activate exchanges of experts among IPEF countries, sharing new ideas and expertise. Starting in 2024, quarterly working-level meetings will be held, and results will be reported annually at the IPEF ministerial meetings.

President Yoon Suk-yeol is attending the first session of the Asia-Pacific Economic Cooperation (APEC) summit held at the Moscone Center in San Francisco, USA, on the 16th (local time). [Image source=Yonhap News]