Informal IPEF Ministerial Meeting Held in Paris... First Step in Trade Discussions

Andeokgeun, Chief Negotiator for Trade, Attends IPEF Informal Ministerial Meeting

Kim Yoon (right), Chairman of the Korea-Japan Business Association, Shin Dong-bin (left), Chairman of Lotte Group, and Ahn Deok-geun (center), Director-General for Trade at the Ministry of Trade, Industry and Energy, are attending the "54th Korea-Japan Business Meeting" held at Lotte Hotel in Jung-gu, Seoul on the 30th of last month. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Sejong=Reporter Lee Jun-hyung] Discussions on the trade sector of the Indo-Pacific Economic Framework (IPEF), launched last month, have taken their first steps.

The Ministry of Trade, Industry and Energy announced that Ahn Deok-geun, Director-General for Trade Negotiations, attended the informal IPEF ministerial meeting held in Paris, France, on the 11th. This meeting, hosted by Katherine Tai, U.S. Trade Representative (USTR), was the first ministerial-level meeting held after the IPEF launch ministerial conference. Trade ministers from all 14 participating IPEF countries, including South Korea, the United States, Japan, and Australia, attended.

The meeting focused primarily on the first of IPEF's four key agendas, "trade." The attending trade ministers discussed ways to establish regional trade norms and activate cooperation among member countries in various fields such as digital trade, trade facilitation, environment, and labor. The participating countries agreed to promptly commence negotiations to continue discussions on the scope of IPEF trade sector negotiations.

At the meeting, Director-General Ahn emphasized that trade is a key element for the shared prosperity of the Indo-Pacific region. He stated that through the new economic cooperation platform, IPEF, norms and cooperation measures should be developed to effectively respond to new (新) trade issues such as digital, climate change, and supply chains.

Director-General Ahn also pointed out the significant development gaps among countries in the region. He said, "The Indo-Pacific region is a dynamically developing area based on abundant growth potential," and added, "It is necessary to strengthen cooperative projects so that all participating countries can equally benefit from IPEF."

He proposed establishing digital new technology standards as a major area of regional cooperation. He further suggested key tasks including cooperation on digital infrastructure, expanding small and medium-sized enterprises' participation in digital trade, and projects to enhance digital capabilities.

The government plans to take a leading role in all four key IPEF agendas: trade, supply chains, and decarbonization. To actively reflect domestic industry opinions during IPEF discussions and negotiations, the government will launch the IPEF Public-Private Strategic Meeting within this month. This public-private consultative body will include major domestic economic organizations, industry stakeholders, and experts. Through the Public-Private Strategic Meeting, the government plans to communicate closely with the industry and prepare for full-scale negotiations.

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