U.S. participates in IPEF, watch out for Chinese consumer stocks if China protests

President Yoon Seok-yeol has decided to participate in the launch of the "India-Pacific Economic Framework" (IPEF) led by the U.S. He is expected to attend the launch declaration summit by video.

According to the presidential office on the 18th, President Yoon is expected to actively support the launch of IPEF and express his intention to participate in the first summit with U.S. President Joe Biden on the 21st.

In a speech to the National Assembly on the 16th, President Yoon expressed his intention to participate, saying, "We will discuss ways to strengthen global supply chain cooperation through IPEF with U.S. President Joe Biden."

"We will take responsibility as a global leader country that actively supports and protects universal international norms based on the values of freedom and human rights," he said at the inauguration ceremony on the 10th. "We expect President Biden's visit to Korea will be the first step in new global strategic cooperation."

President Biden, who will arrive in Korea on the 20th, will leave Korea on the 22nd and head to Japan. He is expected to stay in Japan from the day to the 24th and announce the launch of the IPEF, and President Yoon plans to attend the summit of the participating countries on the 24th by video.

The IPEF was first unveiled by President Biden at the East Asian Summit (EAS) in October last year. It is a kind of "economic security platform" aimed at an "inclusive and flexible" economic network between countries in the Indo-Pacific region, and its purpose is to check China.

Asked at a meeting with reporters on the 12th, Foreign Minister Park Jin said, "Korea's entry into IPEF may conflict with China's interests," adding, "There is no direct conflict of interest with China," adding, "IPEF is not aimed at any one country."An official from the presidential office said, "It's not a matter to do (sign up) with China's sense of humor," adding, "We should make a new frame with China."

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