By Joori Roh

SEOUL (Reuters). South Korea “positively considers” joining an Indo-Pacific economic pact that is being planned by the United States. The announcement came Monday after local media reported that the incoming administration has decided to become a founding Member.

The Indo-Pacific Economic Framework, (IPEF), could go live as early this month to close a gap that has existed since Trump’s 2017 withdrawal from a multilateral agreement which was the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

A South Korean official in the finance ministry said that it was listed as one of 110 national tasks, which the new government is considering. He requested anonymity to keep his identity private.

These remarks were made after Asia Business Daily quoted government sources to say that President Yoon Suk-yeol’s government had joined the pact upon its launch.

Following a visit to Japan and South Korea by President Joe Biden, when Yoon’s administration signalled that it is seeking closer alignment to the U.S. diplomatic and trade orders, the launch will be possible.

Yoon’s transition staff reviewed several aspects of Yoon’s involvement in the pact. The official added that the review included Yoon’s participation. He declined to confirm this report.

According to the daily, the United States wants the participation of all major regional economies from Australia, Japan, New Zealand, Singapore, and South Korea.

Yoon wants South Korea’s trade relations to be “leading in the Indo-Pacific region”. Yoon is seeking to join two important pacts as well as to revive a third one, the Regional Comprehensive Economic Partnership. A document from a transition panel showed.