South Korea's accession to the Indo-Pacific Economic Framework for Prosperity (IPEF): U.S. regionalism strategy and understanding of South Korea

Kim Kisoo

(kskim@sejong.org)

Research Fellow, 

The Sejong Institute​ 

English Abstract

President Yoon Seok-yeol, who took office on May 10, is continuing his unusual diplomatic activities. Eleven days after his inauguration, the Korea-U.S. summit meeting with President Biden was held in Seoul. What is very important is that South Korea has decided to join the Indo-Pacific Framework for Prosperity (IPEF), which the U.S. has recently led. Looking back, since the 1980s, the U.S. has already grasped the strategic meaning of regionalism and has pursued policies to maximize its understanding for more than 30 years. The difference from the past is that the focus has been on China recently.

China is also facing the reality that the U.S. is economically surrounding China. The strategic calculations between the two countries over the IPEF naturally have to clash again. If Korea's interest is to join the IPEF, there is no reason to refuse. South Korea was reluctant to join the Trans-Pacific Partnership, which was launched in 2015, because of China's consideration, but the U.S. refused to recognize South Korea as a founding member when it belatedly decided to join. At that time, some Korean experts criticized Korea for its pathetic behavior at the time, that is, not to hesitate.​