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The Indo-Pacific Economic Framework (IPEF) Round was Held in Busan, Republic of South Korea

The Korean delegation participated in the fourth round of negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF) from July 9–15, 2023, in Busan, under the leadership of Roh Keon-ki, Deputy Minister for FTA Negotiations in the Trade, Industry, and Energy Ministry.

The United States, Japan, Australia, Singapore, New Zealand, Thailand, Malaysia, Vietnam, Brunei, the Philippines, Indonesia, India, and Fiji are among the other thirteen nations’ delegations that attended the round of negotiations.

Assistant United States Trade Representative for Southeast Asia and the Pacific, Chief Negotiator for IPEF Pillar I Sarah Ellerman, and Counselor at the U.S. Department of Commerce and Chief Negotiator for IPEF Pillars II–IV Sharon H. Yuan, jointly led the U.S. delegation.

The delegates from the relevant Thai agencies attended the Indo-Pacific Economic Framework (IPEF) Negotiating Round along with Mrs. Phantipha Iamsudha Ekarohit, Deputy Permanent Secretary for Foreign Affairs of Thailand, and Mrs. Chulamanee Chartsuwan, Thailand’s IPEF Senior Expert.

The Meeting had legal scrubbing sessions for the draft texts for Pillar II (Supply Chain) and discussed the draft IPEF texts on Pillar I (Trade), Pillar III (Clean Economy), and Pillar IV (Fair Economy). In addition, IPEF Partners discussed preparations for the upcoming IPEF Ministerial Meeting, scheduled to take place in November 2023 in San Francisco, California, as well as ways to move cooperation forward, including creating capacity-building and technical assistance mechanisms for concrete results.

The U.S. Department of Commerce and The Office of the United States Trade Representative (USTR) jointly hosted an IPEF listening session on June 28 in Washington, D.C., prior to the fourth round of negotiations in Busan. Stakeholders had the chance to share their opinions and feedback at this listening session about the IPEF negotiations. Attending this event were representatives from USTR, the Department of Commerce, and the U.S. government’s main IPEF negotiators. On July 13, for interested parties, a second hearing session was held with the government of the Republic of Korea.

The first negotiating round was held in Brisbane, Australia, from December 10–12, 2022, followed by a special negotiating round on Pillars II–IV in New Delhi, India, from February 8–11, 2023. The second negotiating round was held in Bali, Indonesia, from March 13–19, 2023, followed by the third negotiating round in Singapore from May 8–15, 2023.

On February 8–11, 2023, New Delhi, India hosted the Indo-Pacific Economic Framework for Prosperity (IPEF) special negotiation session. The round covered the IPEF Pillars II (Supply Chains), III (Clean Economy), and IV (Fair Economy). The Special Round was formally introduced on February 8, 2023, at a brief opening ceremony in which Chief Negotiators from the IPEF member nations joined Shri Sunil Barthwal, the Indian Commerce Secretary, in lighting the traditional lights. Speaking at the occasion, the Commerce Secretary emphasized India’s dedication to playing a significant role in the Indo-Pacific region and contributing to the development of a more secure and prosperous future. The greater objectives, such as speeding sustainable development, creating resilient supply chains, and creating more hospitable conditions for enhancing trade and investment ties, were emphasized to all of the attendees.