South Korea will take part in a new round of negotiations on the United States-led Indo-Pacific Economic Framework (IPEF) to be held in Malaysia later this month, officials said Friday.
The sixth round of IPEF talks will take place from Oct. 15-24 in Kuala Lumpur, and South Korea plans to send a delegation, according to officials of the Ministry of Trade, Industry and Energy.
The platform was launched by U.S. President Joe Biden in 2022 in a move to counter China's growing influence in the region, which involves a total of 14 member nations, including South Korea, the U.S., Australia, India, Indonesia, Japan, Singapore, Thailand and Vietnam.
The initiative has four pillars -- trade, supply chain resilience, a clean economy and a fair economy -- and they reached an agreement on the supply chain resilience pillar during a meeting in May.
"In Malaysia, the IPEF partners will continue to make progress on negotiations towards high-standard outcomes under Pillars I (Trade), III (Clean Economy), and IV (Fair Economy)," the Office of the United States Trade Representative has said in a release.
On Thursday, South Korea's Trade Minister Ahn Duk-geun held a meeting with domestic associations of major industries, including those for steel and carmakers, as well as research institutions, to share the development of the talks and discuss the country's strategies, according to the industry ministry.
"We will continue to participate in IPEF discussions in a proactive and constructive manner to have our companies enjoy more chances for trade and investment," Ahn said.
The IPEF members represent around 40 percent of global gross domestic product and 28 percent of global goods and services trade, according to government data.
Source: Yonhap News Agency