SEOUL: The US has advanced preparations to launch the Indo-Pacific Economic Framework (IPEF), Seoul's trade ministry said. South Korea will form up a task force to deal with its future involvement in a US-led economic framework.

In the midst of escalating Sino-US rivalry, the Biden administration has attempted to establish the IPEF to foster closer cooperation with Asia-Pacific partners on digital trade, supply chains, and other important growing trade concerns.

According to the Ministry of Trade, Industry, and Energy, the Seoul administration is positively examining membership in the IPEF and has held conversations with concerned nations, while assessing the potential impact on domestic industries and the larger economy.

In light of recent discussions in Washington and elsewhere, the Seoul government has decided to establish a new task force under the trade ministry that will focus on four major aspects of the proposed framework: fair and resilient trade, supply chains, clean energy, and anti-corruption, according to the statement. While presiding over the trade promotion committee meeting, Trade Minister Yeo Han-koo said, "Now is the ideal time to increase collaboration among regional partners in such emerging trade domains as supply chains and digital."  He went on to say that the framework would aid in the stability of supply chains and the creation of new business prospects.

According to government data, the United States and 15 Asia-Pacific countries, including South Korea, Japan, India, and the ASEAN states, account for 33% of global population, 41% of worldwide GDP, and 28% of global trade volume.

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