S.Korea’s incoming govt considers joining U.S. economic pact

Author of the article: SEOUL — South Korea is “positively considering” joining an Indo-Pacific economic pact planned by the United States, a government official said on Monday, after domestic media said the incoming administration had decided to join as a founding member. The Indo-Pacific Economic Framework (IPEF) could launch as soon this month, to fill…
S.Korea’s incoming govt considers joining U.S. economic pact

Author of the article:

SEOUL — South Korea is “positively considering” joining an Indo-Pacific economic pact planned by the United States, a government official said on Monday, after domestic media said the incoming administration had decided to join as a founding member.

The Indo-Pacific Economic Framework (IPEF) could launch as soon this month, to fill a gap in engagement with the region since 2017, when then President Donald Trump quit a multinational deal that became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“It is listed in 110 national tasks that the incoming government is positively considering,” said a South Korean finance ministry official, who sought anonymity in line with government practice.

The remarks came after the Asia Business Daily, citing government sources, said the government of President Yoon Suk-yeol, who is set to be sworn in on Tuesday, had decided to join the pact on its launch.

The launch is expected after a visit from May 20 to 24 by President Joe Biden to Japan and South Korea, where Yoon’s incoming administration has signaled it seeks closer alignment with the U.S.-led trade and diplomatic order.

Participation in the pact was one of the aspects considered in the reviews performed by Yoon’s transition team, added the official, who declined to confirm the media report, however.

The daily said the United States seeks the participation of major regional economies, from Australia and Japan to New Zealand, Singapore and South Korea.

Yoon’s government wants South Korea to “lead trade conditions in the Indo-Pacific region” by joining both key pacts and seeking to revive a third, the Regional Comprehensive Economic Partnership (RCEP), a transition panel document showed. (Reporting by Joori Roh; Editing by Clarence Fernandez)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Boris Johnson quits as UK prime minister, dragged down by scandals
Read More

Boris Johnson quits as UK prime minister, dragged down by scandals

Author of the article: Reuters Kate Holton and Elizabeth Piper and Alistair Smout LONDON — Scandal-ridden Boris Johnson announced on Thursday he would quit as British prime minister after he dramatically lost the support of his ministers and most Conservative lawmakers, but said he would stay on until his successor was chosen. Bowing to the…
Yuan slips as weak inflation fans growth concerns
Read More

Yuan slips as weak inflation fans growth concerns

Author of the article: HONG KONG — China’s yuan weakened slightly against the dollar on Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.…