President Yoon Suk-yeol has declared South Korea's intention to join the U.S.-led Indo-Pacific Economic Framework, known for short as IPEF.
The initiative was launched this afternoon by U.S. President Joe Biden, who's now in Japan, in a meeting with American partners and allies.
President Yoon took part in the meeting by video link from his office in Seoul.
Also in the meeting were the leaders of 12 other countries, including Japan, Australia and India.
The framework is considered a cornerstone of the Biden administration's strategy to counter China's growing influence by bringing its allies and partners closer together on trade, supply chains and clean energy.