- Registration date2024-09-24
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Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting today and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans.
Partner countries welcomed the upcoming Clean Economy Agreement and the Fair Economy Agreement’s entry into force scheduled for October 11 and 12, respectively, upon their reaching the requisite threshold following the signing ceremony held this June. Once the Clean Economy Agreement comes into force, they anticipate the innovation of clean energy technology, new project opportunities, and job openings, which in turn will heighten investment for clean infrastructure as well.
With aim to eradicate corruption and enhance the transparency of tax administration, the Fair Economy Agreement is expected to contribute to advancing intraregional transparency and fostering a fair management environment. Partner countries agreed to expand the scope of Cooperative Work Programs (CWPs) on carbon market, hydrogen, small modular reactors (SMRs), and clean electricity in tandem with the faithful implementation of the Clean Economy and Fair Economy Agreements. They further decided to widen efforts for strengthening developing nations’ anti-corruption capacity.
Meanwhile, ministers assessed the progress of the Supply Chain Agreement that entered into force this February. Going forward, partner countries are aiming to reinforce the IPEF-based Indo-Pacific supply chain cooperation through measures such as the sub-committee on logistics and movement of goods launched during the first in-person IPEF Supply Chain Council and Crisis Response Network meeting held recently in Washington D.C.
Lastly, the ministers stated that the first joint mock drill initiated by Korea as chair of the Crisis Response Network served as an opportunity to seek effective supply chain response measures.
The Korean government plans to smoothly implement procedures for the ratification of the Clean Economy and Fair Economy Agreements, while deepening cooperation with major Indo-Pacific countries to create tangible outcomes under the IPEF and increase concrete benefits for Korean businesses.