This Week's 3rd IPEF Negotiation... Focused Discussion on Supply Chain Sector

Held in Singapore from 8 to 15
Negotiations on Trade, Supply Chains, and Fair Economy

The Korean government announced on the 8th that it will conduct intensive negotiations aimed at achieving early results related to supply chains at the 3rd round of the Indo-Pacific Economic Framework (IPEF) talks scheduled for this week.

An official from the Ministry of Trade, Industry and Energy stated that at the IPEF 3rd round negotiations, which will be held in Singapore from the 8th to the 15th, "intensive negotiations will be conducted with the goal of early achievements such as strengthening supply chain monitoring and establishing a regional crisis response cooperation system."

The negotiation delegation, led by No Geon-gi, Director-General of Trade Negotiations at the Ministry of Trade, Industry and Energy, will include representatives from 19 government ministries. The ministry official said, "This negotiation is expected to be an important opportunity to make more concrete progress in the four areas of trade, supply chains, clean economy, and fair economy, as negotiations have been gaining momentum since the first round began last December. The delegation plans to actively reflect our position and seek cooperation with countries holding similar views."

In the supply chain sector, various cooperation provisions aimed at enhancing regional supply chain resilience, productivity, and diversification have been discussed. In particular, the ministry explained that during this round of negotiations, intensive talks will be held with the goal of early results such as strengthening supply chain monitoring and establishing a regional crisis response cooperation system.

Regarding this, Director-General No said, "Since the IPEF supply chain sector is expected to serve as an international standard for building a stable supply chain that our industries need, our delegation plans to focus its capabilities in this negotiation to actively negotiate to make it a cooperative platform that contributes to supply chain stabilization and diversification."

In the areas of trade, clean economy, and fair economy, the negotiations will aim to adjust expectations regarding trade norms among participating countries and discuss various pilot projects, capacity-building, and technical support projects that can strengthen economic cooperation among IPEF countries.

[Image source=Yonhap News]

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