S. Korea’s Presidential office says IPEF does not seek to exclude China

Seoul, May 19 : South Koreas presidential office on Thursday denied characterisations that the US-proposed Indo-Pacific Economic Framework (IPEF) seeks to exclude China from global supply chains.

Speaking to reporters ahead of South Koreas likely joining of the IPEF, a presidential official said Chinas apparent concerns about the framework are unwarranted.

"The way I see it, were not pushing for an agreement but creating a type of platform where we can work together," the official said on condition of anonymity."It makes me wonder if theyre responding in an overly sensitive manner," Yonhap news agency quoted the official as saying.

IPEF is an initiative proposed by US President Joe Biden in October to ensure secure and resilient supply chains, set the rules of the digital economy, and invest in clean, modern and high-standards infrastructure.President Yoon Suk-yeol is expected to announce South Koreas participation in the grouping during his summit with Biden in Seoul on Saturday.

The official rejected Chinas concerns about IPEF leading to a "decoupling" between China and South Korea, saying two-way trade reached an all-time high last year."Weve said to the Chinese that we should create a framework to manage stable supply chains through follow-up negotiations on the South Korea-China free trade agreement," the official said, adding that the trade ministry will soon launch preparations.

"We are certainly not trying to exclude China."int/svn/ #Koreas #Presidential #IPEF #exclude #China #Joe Biden #Seoul.