Joint U.S. Department of Commerce and USTR Readout of Fourth Indo-Pacific Economic Framework Negotiating Round in South Korea

Joint U.S. Department of Commerce and USTR Readout of Fourth Indo-Pacific Economic Framework Negotiating Round in South Korea
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Sun, 07/16/2023 – 12:00

Export and investment promotion

FOR IMMEDIATE RELEASE

Sunday, July 16, 2023

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BUSAN, South Korea—The U.S. Department of Commerce and the Office of the United States Trade Representative (USTR) participated in the fourth in-person negotiating round for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Busan, South Korea from July 9-15, 2023.

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

Building on the discussions that took place during the third negotiating round in Singapore and the Ministerial meeting in the United States in May 2023, the IPEF partners continued to make progress on negotiations towards high-standard outcomes under Pillars I (Trade), III (Clean Economy), and IV (Fair Economy). Officials also advanced the legal review of the proposed IPEF Supply Chain Agreement (Pillar II).

Prior to the fourth negotiating round in Busan, the U.S. Department of Commerce and USTR jointly held an IPEF listening session on June 28 in Washington, D.C. This listening session presented an opportunity for stakeholders to provide thoughts and comments on the IPEF negotiations. The U.S. government IPEF chief negotiators, as well as representatives from USTR and the Department of Commerce, attended this event. A second listening session was held with the Government of the Republic of Korea on July 13 for interested stakeholders.

During the negotiating round, the U.S. Department of Commerce and USTR also briefed Congressional committee staff in attendance.

In keeping with our strong commitment to transparency in the development and implementation of the Biden-Harris Administration’s trade agenda, the U.S. Department of Commerce and USTR will continue to provide regular updates and briefings to both stakeholders and Congress as negotiations progress.

The United States will continue to engage with IPEF partners and will participate in additional in-person negotiating rounds in 2023. Additional details regarding the next in-person negotiating round will be announced at a later date.

IPEF Negotiating Rounds and Ministerial Meetings

On June 29, 2023, U.S. Secretary of Commerce Gina Raimondo hosted an IPEF virtual ministerial meeting, where the IPEF partners reaffirmed their shared commitment to ambitious outcomes in Pillars III (Clean Economy) and IV (Fair Economy) and discussed the importance of delivering concrete benefits, including technical assistance and capacity building to support future implementation of the high standard commitments envisioned under the two pillars.

The IPEF partners met in Detroit, Michigan, for a ministerial meeting on May 27, during which they recognized the progress made in Pillars I (Trade), III (Clean Economy) and IV (Fair Economy), and announced the substantial conclusion of negotiations on a landmark IPEF Supply Chain Agreement under Pillar II.

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.
For more information and updates on IPEF, please visit www.commerce.gov/ipef.

Bureaus and Offices

International Trade Administration

Tags

Indo-Pacific Economic Framework
South Korea

Read the full report from the U.S. Department of Commerce: Read More