SEOUL-- South Korea has formed a governmentwide negotiation team for upcoming consultations with member nations of the newly launched Indo-Pacific Economic Framework (IPEF), the trade ministry said Tuesday.

Last month, the country announced its participation in the initiative, launched by U.S. President Joe Biden, which involves the United States, South Korea, Japan, Australia, New Zealand, India, Fiji and seven of the 10 Association of Southeast Asian Nations (ASEAN) members.

The negotiation team, involving the trade, foreign and other ministries concerned, "is expected to help the country play a leading role in setting new international norms," according to the Ministry of Trade, Industry and Energy.

Trade Minister Ahn Duk-geun will attend ministerial meetings, and the trade, foreign and finance ministries will join hands for related subcommittee consultations on four key areas -- fair trade, supply chain resilience, infrastructure and green technology, and tax and anti-corruption, it added.

"We will actively participate in related consultations regarding the IPEF through the government domestic response system and lead such issues as supply chains, digital and clean energy so as to maximize the interests of our people and companies," the ministry said in a release.

Source: Yonhap News Agency