Yeo Han-gu "Creating Business Opportunities for IPEF Companies... In Close Consultation"

The 26th Trade Promotion Committee Meeting

Yeohan-gu, Head of the Trade Negotiation Division at the Ministry of Trade, Industry and Energy, is presiding over the "Indo-Pacific Economic Framework (IPEF) Public-Private Task Force Meeting" on the 29th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Head Ye stated, "IPEF is expected to be a new opportunity for our country, which has aimed to be an open trade nation, and we are positively considering participation in terms of strengthening cooperation on new trade issues such as regional supply chain stabilization and digital trade." Photo by Moon Honam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] Yeoh Han-gu, Chief Negotiator for Trade, stated on the 20th, "To stabilize the supply chain of our industry and create new business opportunities for companies, we are closely consulting with Indo-Pacific regional countries regarding the 'Indo-Pacific Economic Framework (IPEF)' being promoted by the United States."

At the 26th Trade Promotion Committee held at the Government Sejong Complex, Chief Yeoh said, "It is a time when cooperation in new trade areas such as supply chains and digital among Indo-Pacific countries, which play a central role in the global economy and trade, is more important than ever."

IPEF is a comprehensive economic cooperation body in the Indo-Pacific region aimed at jointly responding to new trade agendas such as digital, supply chains, and clean energy.

At the end of last month, trade ministers from Australia and New Zealand visited the United States, and on the 5th of this month, the US-Singapore trade ministerial meeting was held. Recently, the United States has been actively discussing with regional countries to accelerate preparations for the launch of IPEF.

The government is reviewing response directions focusing on the impact on our companies and is consulting positively with regional countries regarding participation in IPEF. At the meeting, the Ministry of Trade, Industry and Energy explained that through the 'IPEF Public-Private Task Force (TF),' they are communicating with various industries and experts to broadly gather opinions.

The Ministry of Trade, Industry and Energy announced that in response to the acceleration of IPEF discussions, it has established a dedicated organization called the 'IPEF Promotion TF' to oversee IPEF responses and will work with related ministries to conduct detailed reviews by sector.

Additionally, at the meeting, 'Major Korea-US Trade Issues and Response Plans' and 'First Half Multilateral Cooperation Plans for APEC and the World Trade Organization (WTO)' were also key agenda items. The government evaluated that the Korea-US Free Trade Agreement (FTA) has greatly contributed to mutually beneficial development between the two countries over the past 10 years.

It emphasized that to maintain and develop the mutually beneficial relationship between the two countries, trade issues raised through the Korea-US FTA implementation bodies should be managed stably, and cooperation related to new trade agendas within the Korea-US FTA framework should be strengthened.

The government expects that at the APEC Trade Ministers' Meeting, held face-to-face in Thailand on the 21st-22nd of next month for the first time in three years, countries' positions on new trade agendas and international cooperation measures to normalize multilateral trade bodies will be discussed.

Regarding Russia's invasion of Ukraine, despite APEC's 'non-involvement in political issues principle,' consultations are expected on member countries' measures against Russia and the economic impact within the region.

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