Korea holds 4th IPEF talks in Busan this week

Trade Minister Ahn Duk-geun, seventh from left, pose with government officials who attended Indo-Pacific Economic Framework for Prosperity talks in Detroit, U.S. May 27 (local time). Courtesy of Ministry of Trade, Industry and Energy

By Lee Kyung-min

The fourth official talks of the Indo-Pacific Economic Framework for Prosperity (IPEF) are being held in Busan for seven days from Sunday to July 15, the Ministry of Trade, Industry and Energy said.

About 650 government officials of 14 countries are attending the negotiations, including vice ministers of the U.S., Japan, Australia, Singapore, Vietnam and India. A combined 21 Korean ministries and government agencies are joining the talks. Also among the attendees are officials of New Zealand, Thailand, Brunei, Malaysia, the Philippines, Indonesia and Fiji.

This week's talks are the fourth round of negotiations and the first since the conclusion of Pillar 2 which is centered on a supply chain issues agreement reached in Detroit in May.

Attending countries will continue the momentum formed by the conclusion of supply chain agreements and accelerate negotiations to produce tangible results on Pillar 1 (trade), Pillar 3 (clean economy) and Pillar 4 (fair economy).

They will also review future plans for the early implementation of Pillar 2 before the year's end.

The ministry will hold a global supply chain seminar on the use and implementation of the supply chain agreement.

Experts and relevant institutions of Korea, Australia, the U.S. and Japan are attending the event to discuss ways to advance progress concerning implementation of supply chain agreements, including shared supply chain crisis monitoring systems.

At the discussion venue, Korea's technology demonstrations will showcase clean energy, including nuclear power, hydrogen and carbon capture, utilization and storage (CCUS).

CCUS technologies involve the capture of carbon dioxide (CO2) from fuel combustion or industrial processes as well as the transport of CO2 via ship or pipeline. It is used to create valuable products or services or for permanent storage deep underground in geological formations.

The technology for storing carbon is referred to as CCS, and the technology for using carbon in production facilities is CCU.

Minister of Trade, Industry and Energy Lee Chang-yang said the IPEF will be a key platform for trade and supply chain issues in the Asia-Pacific region.

“We will take the lead in IPEF talks,” he said. “Korea proposed and helped put in place various mechanisms for stabilizing supply chains in the Pillar 2 negotiations. We will continue to play an important role in concluding the negotiations, as buttressed by arbitration efforts among participating countries with differing interests.”