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Yoon-Biden summit focuses on working together on Indo-Pacific Economic Framework Updated: 2022-05-22 09:08:09 KST

One of the key areas of focus for the Yoon-Biden summit was economic security for sure, centered around the Indo-Pacific Economic Framework or IPEF, which they said was based on "openness, transparency and inclusiveness."
Emphasized in the South Korea-U.S. joint statement unveiled on Saturday were ways to deepen economic engagement on the digital economy, resilient supply chains, clean energy, and more.

"Korea and the U.S. will work together to establish a rules-based order in the Indo-Pacific region. The first step is to participate in the Indo-Pacific Economic Framework. We will also develop strategies to expand our contribution and role in the region."

Mr. Yoon and Mr. Biden will launch an 'economic security dialogue' under their respective National Security Offices, - aimed at strengthening cooperation on chips, batteries, and nuclear energy.
They emphasized "shared democratic principles and universal values," which were articulated by President Biden's remarks.

"It's never a good bet to bet against the United States of America. From standing up for our shared democratic values, and defending a rule-based international order against threats and stability."

That message was clearly echoed regarding the need for a "supply chain alliance" because of Russia's invasion of Ukraine and an earlier urea shortage crisis in South Korea triggered by China's tightening of its export screening process.
The two leaders will work to strengthen securing key materials and energy supply chains, including fossil fuels and enriched uranium, for which they will set up a regular communication channel.

"Their expanded summit earlier also focused on economic security, during which President Yoon emphasized that the economy and security are inseparable. And President Biden stressed the importance of upgrading their bilateral alliance.
Yoon Jung-min, Arirang News."
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