Trade Minister Cheong In-kyo speaks during a meeting in Seoul on April 16, 2024, in this file photo provided by the Ministry of Trade, Industry and Energy. (Image courtesy of Yonhap)
SEOUL, Apr. 17 (Korea Bizwire) – A U.S.-led Indo-Pacific agreement on supply chains went into effect in South Korea, Seoul’s trade ministry said Wednesday.
The Indo-Pacific Economic Framework (IPEF) was launched by U.S. President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan.
“The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain,” Trade Minister Cheong In-kyo told a meeting with corporate executives.
The IPEF 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.
It marked the first multilateral agreement participated in by South Korea regarding global supply chain issues.
(Yonhap)
