Gov't launches task force on new US-led economic framework

U.S. President Joe Biden, right, speaks at the Indo-Pacific Economic Framework for Prosperity launch event in Tokyo, May 23. Second from top left on screen is President Yoon Suk-yeol. AP-Yonhap

The government launched a task force Thursday for discussions with experts and the private sector on a strategy for the newly launched Indo-Pacific Economic Framework (IPEF), the trade ministry said Thursday.

The move came a month after U.S. President Joe Biden launched the initiative that also involves Korea, Japan, Australia, New Zealand, India, Fiji and seven of the 10 Association of Southeast Asian Nations (ASEAN) members.

The task force involves associations in key industry sectors such as semiconductors, cars, steel and renewable energy resources, and major economic institutions, including the Korea Chamber of Commerce and Industry and the Korea International Trade Association.

During the inaugural meeting of the task force, Trade Minister Ahn Duk-geun shared the latest developments on the new initiative and listened to the interests and concerns of the private sector, according to the Ministry of Trade, Industry and Energy.

The ministry said it will set up working groups for four major areas of the initiative ― fair trade, supply chain resilience, infrastructure and green technology, and tax and anti-corruption ― for in-depth discussions on a regular basis. (Yonhap)

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