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MOTIE launches public-private IPEF joint strategy session 2022-06-27

The Ministry of Trade, Industry and Energy (MOTIE) launched the Indo-Pacific Economic Framework (IPEF) public-private strategy group and held its first plenary session on June 23 at the Korea Chamber of Commerce and Industry (KCCI).

A total of 14 countries are participants of the framework, including South Korea, the U.S., Japan, Australia, New Zealand, Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, India and Fiji.

The first meeting saw economic organizations, major industries’ associations and civil experts coming together and discussing IPEF progress and strategies.

Since the official launching of IPEF on May 23, MOTIE has worked with relevant ministries to review the rules and cooperation agendas in areas of digital, supply chain and clean energy and led discussions among other participant countries. Moreover, through close communication with industry insiders and experts, MOTIE has continued identifying domestic companies’ items of interest, and this launching of IPEF public-private joint group is the major push for regular joint communication channels.

MOTIE’s Trade Minister Ahn Duk-geun presided the meeting and gave an opening message, in which he stated that “amid rising uncertainties in global supply chains and trade landscape, the Ministry will help tackle companies’ challenges and stabilize external trade conditions” and added that “IPEF is meaningful in terms of stabilizing and diversifying the supply chain while building industrial competitiveness together, which further expands opportunities to enter Indo-Pacific markets.”

He urged that “communication with private entities is important in incorporating the interests of domestic companies into negotiation strategies” and assured that “this meeting is the beginning of a public-private ‘one team’ through which joint measures addressing IPEF agendas and discussions can be taken.”

MOTIE aims to openly share IPEF progress and seek countermeasures together with four working groups in charge of four areas, specifically 1) trade 2) supply chain 3) clean energy & decarbonization & infrastructure and 4) taxation & anti-corruption.