SEOUL, March 13 (Yonhap) -- South Korea will participate in the second round of official negotiations for the United States-led Indo-Pacific Economic Framework (IPEF) to be held in Indonesia this week to discuss the fair economy, trade, supply chains and green technologies, the industry ministry said Monday.
The latest session of the initiative is scheduled to take place in Bali from Monday through Sunday, which is expected to bring together 14 member nations, including Japan, Australia, Vietnam, Indonesia and Singapore, according to the Ministry of Trade, Industry and Energy.
South Korea will send a delegation involving officials from the industry, finance, foreign and other related ministries for working-level and chief delegate meetings on the platform's four key pillars of trade, supply chain resilience, clean economy and fair economy, it added.
The IPEF was launched in May last year, and the first rule-setting meeting was held in the Australian city of Brisbane in December. The member nations had a special session in India last month.
"This negotiation is expected to be a crucial starting point for drawing practical achievements within this year. We will do our best to set forth our stance proactively and to come up with constructive and reasonable results," delegation chief Roh Keon-ki said.
As of 2021, trade between South Korea and the remaining 13 IPEF member nations came to US$498.4 billion, accounting for 39.6 percent of Seoul's total trade that year, according to government data.
Source: Yonhap News Agency