U.S. and South Korean Presidents to Discuss IPEF

The South Korean government announced on May 16 that Presidents Joe Biden and Yoon Suk-yeol would discuss South Korea’s participation in the Indo-Pacific Economic Framework (IPEF) during their summit talks.

At present, South Korea, Japan, Australia and New Zealand are being mentioned as potential members of the framework for anti-China supply chain construction in the industries including semiconductor and EV battery. In addition, some of the 10 members of the ASEAN are expected to join it.

Regarding the IPEF, China is criticizing the United States as attempting to turn the Asia-Pacific region into a part of geopolitical conflicts. China sent Vice President Wang Qishan to the South Korean president’s inaugural ceremony on May 10 to complain in a roundabout way. “China’s and South Korea’s industrial supply chains are closely linked and cannot be separated,” the vice president said during his meeting with the president.

South Korean enterprises are watching the situation closely. “Details about the new framework are yet to be fixed, including its form and members,” one of them said, adding, “It cannot but be a matter of concern in that it is directly related to both the United States and China.”