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MOTIE attends IPEF Pillars 2-4 special negotiation round 2023-02-09

The Ministry of Trade, Industry and Energy (MOTIE) will be attending the special negotiation round for Pillars 2-4 of the Indo-Pacific Economic Framework for Prosperity (IPEF) to be held through February 8-11 in New Delhi, India, as part of the Korean delegation composed of officials of relevant ministries, including the Ministry of Economy and Finance (MOEF), Ministry of Foreign Affairs (MOFA) and the Ministry of Agro-Fisheries, Food and Rural Affairs (MAFRA), headed by MOTIE’s Deputy Minister for FTA Negotiations Roh Keon-ki.

The Pillars 2-4 special negotiation round is an intersessional round preceding the official second round of IPEF negotiations and will center on three of the four IPEF areas, namely supply chain, clean economy and fair economy.

The 14 countries participating in the negotiations will focus on resolving and preventing supply chain disruptions within the Indo-Pacific region by seeking joint solutions, strengthening cooperation for clean energy conversion and enhancing transparency for establishing a fair global trade environment.

MOTIE aims to actively engage in the negotiations to incorporate into the agreement document the rules that will help expand domestic companies’ Indo-Pacific exports and market presence.

Deputy Minister Roh remarked that the delegation will “make efforts to advance the negotiations in a way that IPEF can play a central role in resolving pressing challenges facing the Indo-Pacific region through a balanced approach based on rules and cooperation, while also securing Korea’s core interests.”