SEOUL, - South Korea and the United States have reinforced their dedication to achieving successful results in the trade sector of the Indo-Pacific Economic Framework (IPEF). This commitment was discussed during a meeting between the trade representatives of both countries at the Asia-Pacific Economic Cooperation summit in San Francisco.
According to Yonhap News Agency, Trade Minister Ahn Duk-geun and U.S. Trade Representative Katherine Tai convened to discuss the progress and pending issues of the IPEF negotiations, as reported by the Ministry of Trade, Industry and Energy. Both parties reaffirmed their mutual commitment to obtaining positive outcomes for the trade pillar of the framework.
The IPEF, initiated by U.S. President Joe Biden in 2022, is seen as a strategic move to counter China's growing influence in the region. It comprises 14 member nations, including South Korea and the United States, and focuses on four key areas: trade, supply chain resilience, a clean economy, and a fair economy. An agreement on the supply chain resilience pillar was reached earlier in May.
Additionally, Trade Minister Ahn conducted a separate meeting with his Indian counterpart, aiming to enhance the Comprehensive Economic Partnership Agreement that has been in effect since 2010.