Ministry of Industry Reports IPEF Negotiation Plans to National Assembly... "Maximizing National Interest"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy announced on the 29th that it has reported the negotiation promotion plan for the Indo-Pacific Economic Framework (IPEF) to the National Assembly's Industry, Trade, Small and Medium Enterprises Committee.

On the same day, the Ministry reported to the National Assembly on the overview of IPEF, progress of promotion, key contents, and future negotiation response measures.

It also stated that once the IPEF negotiations officially begin, it will strive to reflect our national interests to the fullest by communicating with stakeholders and experts.

Earlier, the government participated in pre-consultations among participating countries after the launch of IPEF in May, conducted essential procedures such as economic feasibility reviews and public hearings, and approved the 'IPEF Promotion Plan' at the Foreign Economic Ministers' Meeting held on the 19th.

IPEF is a multilateral economic cooperation body aiming to promote prosperity and strengthen regional cooperation in the Indo-Pacific region, with a total of 14 countries participating, including South Korea, the United States, Japan, Australia, and India.

Andeok Geun, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, is scheduled to attend the IPEF ministerial meeting to be held in Los Angeles, USA, on July 8-9. This meeting will discuss the four major areas of IPEF: trade, supply chains, clean energy and decarbonization infrastructure, and issues related to taxation and anti-corruption.

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