Minister for Trade Dukgeun Ahn attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial online meeting on December 20 to discuss the benefits of IPEF participation.
The meeting was presided by the U.S. Secretary of Commerce Gina Raimondo and attended by Ministers of the 14 member states.
Minister Ahn stated that “considering the IPEF membership consisting of both advanced and developing nations, technological assistance and development is one area where IPEF participation advantages can be most effectively realized.”
To this end, he maintained the need for “collaboration among different countries’ R&D institutions in drawing up agenda items” and “student and university exchanges to strengthen the technology and R&D cooperation network.”
The trade chief stressed that these cooperation efforts will encourage academia, R&D and industry experts to partake in IPEF discussion sessions and allow more tangible benefits to be accessible to member states’ governments, companies, organizations and the general public.
The IPEF is a newly formed trade and economic cooperation body through which Indo-Pacific countries aim to counter emerging challenges like supply chain uncertainties, digital transition and climate change against the backdrop of a post-pandemic paradigm shift in the global trade landscape from “efficiency” to “resiliency.”
Based on the first round of official negotiations (Dec. 10-15) held in Australia recently, preparations for the second round will take into consideration the opinions of a greater number of interested parties via public-private strategy meetings and other means.
Source: Ministry of Trade, Industry and Energy