Newsnomics AJAY ANGELINA reporter |
South Korea is going to host the fourth negotiating round of the Indo-Pacific Economic Framework for Prosperity (IPEF) scheduled to held from July 9-15 at the Busan Exhibition and Convention Center (BEXCO), Busan city, South Korea.
Roh Keon-ki, the Deputy Minister for FTA Negotiations of the Trade, Industry and Energy Ministry will head the Korean delegation in the fourth negotiating round of the Indo-Pacific Economic Framework for Prosperity(IPEF).
The U.S. interagency delegation is going to participate in the fourth Negotiating round of the IPEF co-led by Sharon H. Yuan, U.S. Department of Commerce Counselor and Chief Negotiator for Pillars II-IV, and Sarah Ellerman, IPEF Pillar I Chief Negotiator and Assistant United States Trade Representative for Southeast Asia and the Pacific (Acting) said the U.S. Department of Commerce and the Office of the United States Trade Representative on June 13,2023.
Delegations of total thirteen countries will participate in IPEF includes: the U.S., Japan, Australia, New Zealand, Singapore, Thailand, Vietnam, Brunei, Malaysia, the Philippines, Indonesia, India, and Fiji.
In May 2022, IPEF negotiations have been proceeded in four Pillars: Pillar I (Trade), Pillar II (Supply Chain), Pillar III (Clean Economy) and Pillar IV (Fair Economy), that concluded on a landmark IPEF Supply Chain Agreement under Pillar II was reached in Detroit in May, 2023.
The upcoming fourth round going to held in South Korea will build on the above momentum and focus on
Pillars I, III and IV.
Korea is the fourth country to host an IPEF negotiation round following Australia, Indonesia and Singapore.
IPEF’s first negotiating round was held in Brisbane, Australia, from December 10-12, 2022, followed by a special negotiating round on Pillars II-IV in New Delhi, India, from February 8-11, 2023.
The second negotiating round was held in Bali, Indonesia from March 13-19, 2023.
While the third negotiating round in Singapore from May 8-15, 2023.
In May 2022, the US launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam with a motif to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies.
