As an Initial Member of the Framework
The South Korean government has decided to join the U.S.-led Indo-Pacific Economic Framework (IPEF). The decision reflects Korea's intention to take a leading role in regional trade as an initial member of the framework.
The official announcement is anticipated late this month, immediately after U.S. President Joe Biden’s visit to South Korea and Japan. According to experts, South Korea’s IPEF membership can be positive in terms of economic cooperation with the United States, negative in terms of its relations with China, and the first diplomatic test on the part of its new president.
The Joe Biden administration proposed the concept of IPEF at the East Asia Summit in October last year, mentioning South Korea, Japan, Australia, Singapore and New Zealand as potential members. Once it is launched, members will determine the type of the base agreement through their discussions. This is why the Yoon Suk-yeol government opted to join from the beginning.
The IPEF is expected to be officially launched late this month. The U.S. president is scheduled to stay in South Korea and Japan from May 20 to 24. His meeting with President Yoon Suk-yeol is scheduled for May 21 before a Quad summit in Japan.