S. Korea reaffirms support for U.S. initiative for Indo-Pacific Economic Framework

SEOUL– South Korea reaffirmed its support Wednesday for the U.S.-led Indo-Pacific Economic Framework (IPEF) during a high-level economic dialogue between the allies, Seoul’s foreign ministry said.

Yun Seong-deok, Seoul’s deputy minister for economic affairs, held a video meeting with Ramin Toloui, U.S. assistant secretary of state for the bureau of economic and business affairs, to discuss ways to expand bilateral economic ties and cooperation in the fields of supply chain and fair trade, according to the ministry.

Yun reaffirmed South Korea’s support for the Joe Biden administration’s IPEF and shared the Seoul government’s assessment of relevant issues, it said.

The IPEF is widely seen as part of U.S. efforts to counter China’s growing economic clout in the region.

Toloui stressed the importance of South Korea’s role in implementing export controls against Russia in light of its strong presence in the semiconductor and high-end technological industries, as the two sides vowed close coordination on sanctioning Russia for its invasion of Ukraine, the ministry added.

Source: Yonhap News Agency

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