South Korean President Announces Joining US-Led Indo-Pacific Economic Framework

SEOUL (UrduPoint News / Sputnik - 21st May, 2022) South Korean President Yoon Suk-yeol announced on Saturday the country's participation in the US-led regional economic initiative, the Indo-Pacific Economic Framework (IPEF), following talks with US President Joe Biden.

"The Indo-Pacific region is crucial both for South Korea and the U.S.," Yoon said, as quoted by Yonhap news agency, adding that "the two countries will work together to build a rule-based new order in the region, and the first step for the goal is to join the IPEF."

Biden's initiative to create the IPEF is designed to ensure safe and sustainable supply chains and to set the rules for the digital economy, investment and other important areas of cooperation.

The IPEF does not include China and is aimed at countering its growing influence on the global tech industry, according to Yonhap.

Yoon will virtually attend a summit in Tokyo next week, where Biden is set to formally launch the IPEF, the report says.

On Friday, Biden arrived in South Korea for his first summit with the country's newly elected president, Yoon Suk-yeol. South Korea became the first stop on Biden's tour to Asia, which includes Japan and will last till May 24.