Government Reviews Participation in US-Led Indo-Pacific Economic Framework... Joining Anti-China Front?
Ministry of Industry Forms Task Force to Respond to Indo-Pacific Economic Framework... Holds 1st Meeting
[Sejong=Asia Economy Reporter Kwon Haeyoung] The government is actively considering participation in the Indo-Pacific Economic Framework (IPEF), a U.S.-led joint front for "countering China."
On the 29th, the Ministry of Trade, Industry and Energy held the first meeting of the "IPEF Response Task Force (TF)" at the Sejong Government Complex to review the Indo-Pacific Economic Framework (IPEF) proposed by the U.S. government.
The Indo-Pacific Economic Framework is a comprehensive economic cooperation initiative for the shared prosperity of the Indo-Pacific region, announced by U.S. President Joe Biden at the East Asia Summit last October. Its goal is to strengthen regional economic cooperation by establishing common principles and standards across a wide range of areas including trade facilitation, supply chain stabilization, digital economy, decarbonized clean energy, and infrastructure cooperation.
An official from the Ministry of Trade, Industry and Energy stated, "Based on the trend of strengthening cooperation between Korea and the U.S., it is necessary to continue regional cooperation, and we will review the IPEF thoroughly from the perspective of maximizing national interests. We plan to conduct an in-depth analysis of the background of the U.S. IPEF initiative and its impact on us, and focus discussions on response directions for expected cooperation agendas by sector within the Indo-Pacific region."
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This TF is co-chaired by Jung Daejin, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, and Joo Youngjun, Director General of Industrial Policy, with participation from various national and division heads in the fields of industry, trade, and energy. After this first meeting, experts from academia, industry, and research in each sector will also join the TF, which will hold regular meetings and gather opinions from various domestic stakeholders. The Ministry plans to closely cooperate with other government consultative bodies as well.
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