South Korea will boost consultations with the United States on the Indo-Pacific Economic Framework and begin actively collecting opinions from local experts about its possible participation, Seoul's industry ministry said Tuesday.
The US-led initiative is what the Joe Biden administration has sought to launch to boost cooperation with partner nations in a wide range of economic and trade issues, including digital trade, supply chains and clean energy.
Last year, the US proposed that South Korea join the framework, widely seen as part of US efforts to counter China's growing economic clout in the region.
South Korea's Trade Minister Yeo Han-koo plans to hold a videoconference with US Trade Representative Katherine Tai on Thursday to discuss the matter, following a meeting with US Rep. Ami Bera, who serves as co-chair of the US Congressional Caucus on Korea, on the issue Wednesday, according to Seoul's Ministry of Trade, Industry and Energy.
On Tuesday, Yeo said in an inaugural meeting of an expanded task force on the issue that South Korea has been positively reviewing its participation in terms of stable supply chains and such new trade issues as digital transactions, noting that the US-led initiative is expected to serve as a new opportunity for South Korea.
South Korea experts said the envisioned accession to the new economic framework is expected to benefit the South Korean economy, as local companies can enjoy an advantage in terms of digital trade and infrastructure, among other fields.
They also stressed the need for Seoul's active role in setting new trade norms in the region from an early stage of the envisioned establishment. (Yonhap)
