Martial Arts, Submits Statement to IPEF... "Emphasizing Supply Chain Cooperation"

Published 12 Apr.2022 09:47(KST)

[Asia Economy Reporter Jin-ho Kim] The Korea International Trade Association (KITA) announced on the 11th (local time) that it has submitted a position paper reflecting the trade industry's stance on the 'Indo-Pacific Economic Framework (IPEF)' being promoted by the Biden administration to the U.S. Department of Commerce and the U.S. Trade Representative (USTR).

IPEF is a comprehensive economic cooperation framework covering not only trade but also digital, climate change, labor and human rights, and supply chains. Since the White House's 'Indo-Pacific Strategy Report' was released last February, specific implementation plans and agendas have not yet been established. The U.S. Department of Commerce and USTR have been collecting opinions for a month starting from the 10th of last month.

The association included proposals on eight topics in the position paper: supply chains, non-tariff barriers, trade facilitation, labor and environment, decarbonization, digital trade, transparency, and communication. Specifically, it requested that IPEF address "the establishment of a public-private cooperation system to resolve supply disruptions of key materials, easing non-tariff trade barriers such as simplifying rules of origin certification, efforts to streamline customs procedures, introduction of labor and environmental standards that consider the positions of participating countries, and providing incentives for decarbonized companies."

Cho Sang-hyun, Director of the International Trade and Commerce Research Institute at KITA, said, "We will cooperate with our government to ensure that the trade industry's interests are maximally reflected in future IPEF discussions," adding, "The association plans to actively carry out activities in the U.S. through delivering the latest trade information, strengthening consultations with related industries, and dispatching trade missions."