SEOUL: Negotiating members of the United States-led Indo-Pacific Economic Framework (IPEF) have reached a consensus on two additional sectors of the agreement, energy and fair economy, South Korea’s trade ministry said Thursday.
The IPEF was launched by US President Joe Biden in 2022 in a move to counter China’s growing influence in the region, which involves a total of 14 member nations, including South Korea, Australia, India, Japan, Singapore, Thailand and Vietnam.
Among the initiative’s four sectors, the agreement on the supply chain resilience pillar was reached in May, according to Yonhap news agency.
The clean energy pillar is anticipated to pave the way for participating nations to enhance collaboration in the pursuit of sustainable energy sources and reducing gas emissions.
The fair economy segment focuses on strengthening protection for whistleblowers against corruption and taking punitive actions against illegal activities in government procurement, Yonhap reported.
Members now have only the trade pillar remaining in the IPEF negotiations and have agreed to continue talks on the segment next year, according to the Trade, Industry and Energy Ministry.
“Currently, we have made significant progress in detailed sectors of the trade pillar through a series of negotiations,“ Yonhap reported the ministry said in a statement.
“However, there was consensus among the participants that additional talks are needed”.
The IPEF members represent around 40 percent of global gross domestic product, and 28 percent of global goods and services trade, according to government data.–Bernama–Yonhap
