Clean economy, anti-corruption deals among Indo-Pacific partners to come into force in October

Indo-Pacific Economic Framework (IPEF) leaders gather for a commemorative photo at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, Calif., Nov. 16, 2023. Reuters-Yonhap

Clean economy and ant-corruption deals, two of four pillars under the U.S.-led Indo-Pacific Economic Framework (IPEF), will come into force in October, Seoul officials said Tuesday.

Of the four pillars of the IPEF, the supply chain agreement was launched in February, which came into effect in Korea in April. Discussions regarding the trade pillar are still in progress.

IPEF members are not required to join all pillars, and each agreement can be implemented with the participation of at least five countries.

Trade Minister Cheong In-kyo discussed the progress of the IPEF with participating nations, officials said.

Seoul's trade ministry said the implementation of these additional pillars will help create new business opportunities, generate jobs and expand investment cooperation, particularly in the clean energy sector.

The fair economy agreement is expected to enhance taxation and administrative transparency within the bloc, fostering a more equitable business environment among member nations, the ministry added. (Yonhap)