Currently, 8 countries including the United States have joined… Korea to participate in the IPEF inauguration summit meeting on the 24th
President’s Office stresses that “I am not rejecting China” in the controversy over the idea of ’anti-China solidarity’
Right now, it is not going through the National Assembly ratification, but it might be tough if the standard level rises in the future.
(Seoul = Yonhap News) President-elect Yoon Seok-yeol had a phone call with US President Joe Biden on the first day of the election on the 10th. According to the People’s Power, President-elect Yoon had a phone call with President Biden at his home in Seocho-dong for regarding 10 minutes from 10:10 a.m. on the same day. It has been regarding 5 hours since I accepted the election. The photo is a source photo of Yoon-eun, the president-elect of the TV debate on March 2, and Biden, respectively, giving a speech on March 1. 2022.3.10 [EPA, 연합 자료 사진] photo@yna.co.kr
(Seoul = Yonhap News) Reporter Park Sang-don Kim Ki-hoon = As the government officially confirmed its participation in the Indo-Pacific Economic Framework (IPEF), an initiative for regional economic cooperation led by the United States, how this council will operate in the future, and It remains to be seen what effect it will have.
Amid the evaluation that the IPEF has the character of ‘anti-China solidarity’, the Korean government is emphasizing that it is not once morest China.
Even if the IPEF is launched immediately, it will take a considerable amount of time just to establish a framework through detailed discussions. Also, if the US envisions it, it is not at the level that will be ratified by the National Assembly right now, but if the standard level rises in the future, it may have to go through the ratification process.
◇ Unlike existing trade agreements, an economic cooperation body to respond to the new trade agenda
According to the presidential office on the 18th, President Yun Seok-yeol is scheduled to attend the IPEF inauguration summit meeting via video to be held in Japan on the 24th.
IPEF was first proposed by US President Joe Biden at the East Asia Summit (EAS) in October last year. Unlike existing trade agreements that aim to open markets for goods and services, the IPEF jointly responds to new trade agendas such as digital, supply chain, and clean energy. It is a comprehensive economic partnership in the Indo-Pacific region to
The IPEF has the character of a ‘competitive’ once morest China’s push to join the ‘Comprehensive and Progressive Trans-Pacific Partnership (CPTPP)’ following China’s leadership of the ‘Regional Comprehensive Economic Partnership Agreement (RCEP),’ the world’s largest free trade agreement. It is evaluated as a consultative body designed by the United States to contain China, which is expanding its economic territory in the region.
Specifically, it seeks ways to cooperate in the economic fields of participating countries focusing on four themes: trade, supply chain, decarbonization and infrastructure, and tax evasion and corruption prevention. is known to be the key.
An official from an economic group said, “The launch of the IPEF creates new trade rules, but there is a risk that Korea will be marginalized if hesitating to join the IPEF, so it seems desirable to enter the launch period.”
In a report titled ‘US Indo-Pacific Strategy and Implications’ also recently released by Park Seon-min, a research fellow at the Institute for International Trade and Trade at the Korea International Trade Association, and Lee Yoo-jin, senior researcher at the Korea International Trade Association, “In the recent supply chain and logistics crisis, the importance of a stable and resilient cross-border cooperation system is growing. As it is being emphasized, IPEF should be used as a tool to maximize the real benefits of companies and countries.”
(Seoul = Yonhap News) Reporter Ahn Jung-won = First Deputy Director of the National Security Office Kim Tae-hyo gives a briefing on the Korea-US summit at the open lounge of the Presidential Office in Yongsan, Seoul on the followingnoon of the 18th. 2022.5.18 jeong@yna.co.kr
◇ In the midst of the ‘anti-China solidarity’ controversy, the government emphasizes that “it is not once morest China”
There is also an evaluation that the IPEF has the character of ‘anti-China solidarity’ to keep China in check, so the government as well as companies cannot help but feel the burden.
In fact, China is currently criticizing the US, saying, “Asia-Pacific is the hometown of cooperation and development, not a checkerboard of geopolitics.”
In addition, at the inauguration ceremony of President Yun on the 10th, Vice President Wang Qishan was sent as a special envoy for President Xi Jinping to send a detour message of check and containment. Vice-President Wang emphasized that “the industrial supply chain between the two countries is an inseparable relationship” during a meeting with then-President Yoon.
The government is emphasizing that it is not once morest China.
Kim Tae-hyo, deputy director of the National Security Office, said at a briefing at the Korea-U.S. summit in Yongsan on the same day, “It is not necessary to view the IPEF as simply a hostile decoupling of supply chains between great powers.”
Regarding the size of the IPEF, Deputy Director Kim explained, “Currently, eight countries, including the United States, have joined the IPEF.” “If we hold a video summit in Japan early next week, our president will also participate.”
In the future, the United States and related countries, especially Korea, will play a leading role, creating new norms and standards, inviting other countries, and realizing national interests in the IPEF,” he added.
For now, South Korea, Japan, Australia, and New Zealand, the traditional US allies, and Singapore among ASEAN member states are expected to participate. The possibility of participation from the Philippines and Malaysia is also mentioned.
On the other hand, Cambodia, Laos, and Myanmar, which have strong pro-China tendencies, are highly likely not to participate.
![[그래픽] Overview of the Indo-Pacific Economic Framework (IPEF) of the ‘China Containment Economic Council’](https://i0.wp.com/img1.yna.co.kr/etc/graphic/YH/2022/05/18/GYH2022051800130004402_P1.jpg?w=800&ssl=1)
(Seoul = Yonhap News) Reporter Lee Jae-yoon = US President Joe Biden has decided to launch the Indo-Pacific Economic Framework (IPEF) targeting China during his visit to Japan next week, Bloomberg News reported on the 17th (local time). .
Accordingly, President Yoon Seok-yeol will attend the IPEF inauguration summit meeting via video on the 24th.
yoon2@yna.co.kr
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◇ Currently, it is not ratified by the National Assembly, but it may be bright if the standard level rises in the future.
Even if the IPEF is officially launched in Japan on the 24th, there will be no immediate approval by the National Assembly.
The World Trade Organization (WTO) agreements, CPTPP, and RCEP are predicated on the opening of the market for goods and services, so they must be ratified by the National Assembly when they are signed.
However, the IPEF is a declarative level of cooperation to stimulate trade, stabilize the supply chain, and expand new and renewable energy, and specific details such as market opening have not been discussed.
The US usually delegates the authority to negotiate a trade agreement following reporting it to Congress, but this IPEF is not a matter given by Congress.
An official from the Ministry of Trade, Industry and Energy explained, “At the present level, the administration will conduct discussions first, and if the contents are visualized and there is a market opening such as CPTPP and RCEP, or if it becomes a high-level norm, it will be reported to the National Assembly and ratified upon signing.”
IPEF participating countries will discuss specific matters with reference to their own laws in the future to establish a framework. In the case of RCEP, which took effect in Korea in February of this year, at the beginning of the discussion, only ASEAN and Korea, China, and Japan were subject to discussion, but as it expanded to 15 countries, it took 10 years to enter into force following negotiations in 2012.
◇ Some economic circles fear retaliation from China
In the midst of this, some in the domestic business community are concerned regarding whether China will take retaliatory measures following the IPEF was launched.
An official from a large conglomerate said, “Companies that do business with China have no choice but to pay attention.” “If China takes retaliatory measures in response to joining the IPEF, we are bound to be sensitively affected.”
He added, “It is not likely that the IPEF will be affected immediately, but we will have to look at the situation for the time being and discuss countermeasures.”
Another conglomerate official said, “It is still too early to assess the impact on the group as a whole, but there are concerns regarding how the business with China, which has a large trade proportion, will be affected. did.
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