OFFICIAL LAUNCH OF IPEF

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The U.S.-led Indo-Pacific Economic Framework declared its official launch in an inaugural summit held in Tokyo on Monday, local time. President Yoon Suk-yeol attended the meeting online and said South Korea will participate and play an active role in the initiative.

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A video summit of the Indo-Pacific Economic Framework was attended by heads of 13 countries in the region, including the U.S., Japan, Australia and India. President Yoon Suk-yeol highlighted the significance of the IPEF, saying international cooperation is necessary to resolve global obstacles, such as climate change and the reorganization of supply chains.

[Soundbite] Yoon Suk-yeol(President) : "S. Korea has achieved rapid growth and development based on liberal democracy and the market economy. We will share these experiences and cooperate."

His remarks pointed to the common values and rules on which the IPEF is based. Yoon also announced the details of South Korea’s plans to contribute to the IPEF, which focuses on four key pillars of trade, the supply chain, clean energy sources and anti-corruption. He said Seoul will participate in securing clean energy sources and establishing a digital infrastructure and a supply chain of high-tech materials, such as semiconductors. The president also proposed principles to address China’s opposition.

[Soundbite] Yoon Suk-yeol(President) : "I expect the IPEF will embrace the principles of openness, inclusiveness and transparency."

U.S. President Joe Biden also stressed the openness of the new economic initiative.

[Soundbite] Joe Biden(U.S. President)

In an interview with CNN, Yoon said it is not reasonable for China to be "overly sensitive" to the launch of the IPEF. By deciding to participate in the pact, Yoon made clear that the alliance with Washington is the central part in Seoul’s diplomacy when tensions between the U.S. and China are deepening. But Korea is faced with another task of how to manage possible conflicts that could arise from relations with China in the future.