IPEF agreement on supply chains goes into effect in Korea

Trade Minister Cheong In-kyo speaks during a roundtable discussion at the government complex in Sejong on Wednesday. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

A U.S.-led Indo-Pacific agreement on supply chains went into effect in Korea, Seoul's Ministry of Trade, Industry and Energy said Wednesday.

The Indo-Pacific Economic Framework (IPEF) was launched by U.S. President Joe Biden in 2022, involving 14 member nations, including Korea, the United States and Japan.

"The government plans to come up with measures to utilize the IPEF, as the country needs a policy that supports the industrial supply chain," Trade Minister Cheong In-kyo said in a meeting with corporate executives.

The IPEF has four pillars — trade, supply chain resilience, a clean economy and a fair economy — with an agreement reached on supply chain resilience pillar last year.

It marked the first multilateral agreement Korea has participated in regarding global supply chain issues.

Yonhap