SEOUL– South Korea and 13 other member nations of the Indo-Pacific Economic Framework (IPEF) will kick off official negotiations in Australia this weekend to boost regional economic cooperation facing multiple challenges, Seoul’s trade ministry said Friday.
U.S. President Joe Biden launched the economic framework in May, and the participating nations will hold the first round of rule-setting talks in the Australian city of Brisbane from Dec. 10-15, according to the Ministry of Trade, Industry and Energy.
The platform has 14 members, including South Korea, the U.S., Japan, Australia, New Zealand, Singapore and India, and the negotiations will be on the four key pillars of fair trade, supply chain resilience, infrastructure and green technology, and tax and anti-corruption, the ministry said.
In September, trade ministers of the member nations agreed upon the launch of the official negotiations.
South Korea will send a delegation to be headed by senior trade official Kim Jeong-hoe, it added.
“The IPEF involves nations that could help stabilize and diversify our supply chains of key industries, including semiconductor, battery, and major minerals. The government will strive for negotiation results which would help strengthen our industry competitiveness and boost exports,” Kim said.
The platform is widely seen as Washington’s effort to counter China’s growing influence in the region.
The IPEF member nations account for 41 percent of the world’s total gross domestic product and 32 percent of the total population, according to government data.
Source: Yonhap News Agency