S. Korea to Help Build Resilience of Supply Chains Under IPEF, Says Yoon | Yonhap News Agency

SEOUL, May 23 (Yonhap) — President Yoon Suk-yeol said Monday that South Korea will contribute to the Indo-Pacific Economic Framework (IPEF) in all sectors and propose ways to cooperate in resilience. supply chains, the transition to the digital economy, clean energy and decarbonization.

Yoon made the remarks during a high-level online meeting in Tokyo, where US President Joe Biden launched the initiative.

A total of 13 countries have announced their participation, the others being Australia, Brunei, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.

“The Republic of Korea has experienced rapid growth and development based on liberal democracy and a market economy system,” Yoon said.

“South Korea will share these experiences and cooperate in all sectors within the framework of IPEF,” he said. “In particular, we plan to propose ways of cooperation in order to strengthen supply chains and transition to the digital economy, clean energy and decarbonization.”

Yoon said South Korea will use its capabilities in semiconductors, batteries, future vehicles and other high-tech industries to build a mutually beneficial supply chain with countries in the region.

Regarding the transition to the digital economy, he said that South Korea will lead technological innovations in the fields of artificial intelligence, data and 6G, and contribute to the construction of digital infrastructure and reducing digital gaps.

Regarding clean energy and decarbonization, Yoon said South Korea will use its advanced skills in nuclear power, hydrogen and renewable energy to build carbon reduction infrastructure and develop technologies through to bold investments.

“I believe the launch of IPEF today is a significant first step in demonstrating the solidarity and willingness of countries in the region to cooperate in a rapidly changing economic environment,” Yoon said. “I want IPEF to operate under the principles of openness, inclusiveness and transparency.”

The United States described the IPEF as a regional framework that will ensure resilient supply chains, set the rules for the digital economy, and promote clean energy, among others.

Details of the initiative are expected to be worked out during negotiations among its members in the coming months.

The IPEF is also seen as a framework to exclude China from global supply chains, raising concerns that Beijing could retaliate against Seoul for its participation.

Yoon dismissed that concern earlier on Monday, saying IPEF is different from a free trade agreement.

“This is a far-reaching rule-making process for the economy and trade in the Indo-Pacific region, so obviously we have to be part of it,” he told reporters upon arrival. in the presidential office.

“If we don’t participate in the rule-making process, it will cause great harm to the national interest,” he explained.

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S. Korea to Help Build Resilience of Supply Chains Under IPEF, Says Yoon | Yonhap News Agency

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