At Meeting with U.S. Treasury Secretary
Deputy Prime Minister (DPM) Hong Nam-ki said Korea is positively considering participating in the Indo-Pacific Economic Framework (IPEF) proposed by the United States.
Hong made the remark at a meeting with U.S. Treasury Secretary Janet Yellen in Washington, D.C. on April 20 (local time).
The Korean government has launched a task force to promote Korea's participation in the IPEF, which is a comprehensive economic cooperation initiative in the Indo-Pacific region designed to jointly respond to new trade agendas such as the digital era, supply chain, and clean energy. The United States is pushing for it to keep China in check.
DPM Hong also had a meeting with Nadia Calvino, first deputy prime minister of Spain and chairperson of the International Monetary and Financial Committee (IMFC). Hong stressed the need to prepare various measures to respond to the growing volatility in capital inflows and outflows amid interest rate hikes in major countries and the war in Ukraine.