South Korea is aiming to stabilize its supply chains inkey industries like batteries and semiconductors by taking part in the U.S.-led Indo-Pacific Economic Framework or IPEF.
That’s according to the Ministry of Trade, Industry, and Energy in a briefing on Tuesday after the first in-person IPEF ministerial meeting was held in Los Angeles last week.
In the meeting, fourteen countries came together to seek ways to cooperate amid economic uncertainties and agreed on a joint declaration of four pillars, including trade, supply chains, clean energy and anti-corruption.
The ministry said Seoul plans to share its decarbonization technologies with other countries while expanding opportunities for Korean companies to advance into overseas markets.
It added that joining IPEF will lead to improvements for South Korea in trade because the alliance aims to engage in new types of trade models like the digital economy and climate change.
That’s according to the Ministry of Trade, Industry, and Energy in a briefing on Tuesday after the first in-person IPEF ministerial meeting was held in Los Angeles last week.
In the meeting, fourteen countries came together to seek ways to cooperate amid economic uncertainties and agreed on a joint declaration of four pillars, including trade, supply chains, clean energy and anti-corruption.
The ministry said Seoul plans to share its decarbonization technologies with other countries while expanding opportunities for Korean companies to advance into overseas markets.
It added that joining IPEF will lead to improvements for South Korea in trade because the alliance aims to engage in new types of trade models like the digital economy and climate change.
