Government Establishes IPEF Response System...Public-Private Strategic Meeting to Launch This Month

7th Ministerial Meeting on External Economic Affairs... Discussion on IPEF Response Measures
Led by 3 Ministries including Ministry of Trade... Trade Headquarters Chief as Chief Representative
Private Strategy Meeting Launched... Composed of Major Economic Organizations

Leaders of the US, Japan, and India Attending the IPEF Launch Event
(Tokyo Reuters=Yonhap News) On May 23, US President Joe Biden attended the launch event of the "Indo-Pacific Economic Framework" (IPEF) held in Tokyo, along with Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi. 2022.5.23
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[Asia Economy Sejong=Reporter Lee Junhyung] The government has established a response system for the recently launched Indo-Pacific Economic Framework (IPEF). The government will also launch a public-private strategic meeting on IPEF with the business community within this month.

The Ministry of Trade, Industry and Energy (MOTIE) announced on the 7th that it discussed the trends and response measures for IPEF at the Foreign Economic Ministers' Meeting. At the meeting, MOTIE also established an intergovernmental response system for IPEF negotiations.

IPEF is an economic cooperation framework in the Indo-Pacific region led by the United States. Fourteen countries, including South Korea, the United States, Japan, and Australia, participated as founding members, and it was launched on the 23rd of last month. Unlike traditional trade agreements focused on tariff reductions and market opening, IPEF focuses on new trade issues such as supply chains, digital transformation, and climate change.

MOTIE holds the position that a cooperative system among related ministries is essential to maximize the benefits of IPEF. Accordingly, MOTIE plans to respond to IPEF by forming a negotiation team as a 'one team' with related ministries such as the Ministry of Foreign Affairs and the Ministry of Economy and Finance.

IPEF negotiations are led by three ministries: MOTIE, the Ministry of Foreign Affairs, and the Ministry of Economy and Finance. The chief representative for ministerial-level foreign economic consultations is Ahn Deokgeun, Director General for Trade Negotiations at MOTIE. The senior-level consultations will be led by Jeon Yoonjong, Director of the Trade Negotiation Office at MOTIE.

The four main areas of IPEF?trade, supply chains, decarbonization, and others?have designated responsible ministries based on the content and nature of each agenda. Specifically, the trade division is solely handled by MOTIE. The supply chain division is jointly managed by MOTIE, the Ministry of Foreign Affairs, and the Ministry of Economy and Finance. Related ministries such as the Ministry of Justice, the Office for Government Policy Coordination, the Ministry of Environment, and the Ministry of Employment and Labor participate in IPEF discussions based on their respective expertise. A MOTIE official stated, "We will seek synergy by aligning the Indo-Pacific strategy currently being established with IPEF negotiations," adding, "We plan to explore ways to maximize national interests and strengthen economic security in terms of foreign negotiations and diplomacy."

The IPEF public-private strategic meeting, chaired by Director General Ahn, will also be launched within this month. This is to maintain continuous communication with the domestic business community during the IPEF negotiation process. The public-private strategic meeting is composed mainly of major economic organizations, industry associations, and specialized institutions. Through this meeting, the government plans to share the progress of IPEF negotiations and discover agendas that reflect the positions of the business community.

This content was produced with the assistance of AI translation services.