Trade Minister Ahn Duk-geun (2nd from L) poses for a photo with his counterparts from member nations of the Indo-Pacific Economic Framework agreement in San Francisco, in this Nov. 14, 2023, file photo provided by the Ministry of Trade, Industry and Energy. (Image courtesy of Yonhap)
SEOUL, Apr. 12 (Korea Bizwire) — The United States-led Indo-Pacific Economic Framework relating to supply chain resilience will enter into force in South Korea next week, Seoul’s industry ministry said Friday.
The initiative will enter into force Wednesday, 30 days after the country’s deposition of its instrument of ratification for the initiative, in accordance with its provisions, the Ministry of Trade, Industry and Energy said.
The platform was launched by U.S. President Joe Biden in 2022, involving 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 last year.
The IPEF supply chain agreement has so far come into force in five nations, including the U.S., Japan and India.
The agreement is meant to establish a framework for deeper collaborations among partner nations “to prevent, mitigate, and prepare for supply chain disruptions,” such as those experienced in recent years from the COVID-19 pandemic, according to the ministry.
(Yonhap)
