MOTIE to participate in the 3rd round of IPEF negotiations

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation in the third round of negotiations of the Indo-Pacific Economic Framework for Prosperity (IPEF) held through May 8-15 in Singapore.

This round of negotiations is regarded as an important stepping stone in making tangible progress on the four IPEF Pillars (trade, supply chain, clean economy, fair economy).

For supply chain (Pillar II), the discussions on resiliency, productivity and diversification have been swift in their progress, and this round is expected to concentrate on stepping up supply chain monitoring and establishing the regional crisis response cooperation system among other goals.

Deputy Minister Roh stated that the "IPEF supply chain is expected to play a major role in establishing a much needed stable supply chain for our industries, so the delegation's aim is to stabilize and diversify the supply chain by engaging in the negotiations."

For trade, clean economy, and fair economy, participating countries will be able to adjust their respective expectation levels through the negotiations on trade rules and discuss pilot projects and projects for competency building and technological assistance through this round of negotiations with a view to strengthen economic cooperation.

Deputy Minister Roh remarked that "it has been decided during the recent Korea-U.S. summit meeting that Busan is to host the next round of negotiations, and full measure will be given to contribute to the inclusive and sustainable development of the Indo-Pacific region while bolstering Korea's industrial competitiveness so that firms can pursue business in a more stable business environment."