The Indo-Pacific Economic Framework (IPEF) was announced as newly elected President Yoon
began a tilt towards the United States (US), endorsing it as a chance to write rules and not take
them. Extensive consultations between business and ministries ensured that each Pillar was
examined, but showed little evidence of rule writing until May 2023. The Korean Ministry of Trade
and Industry was also protesting the impact of the Inflation Reduction Act (IRA) and the Creating
helpful incentives to produce semiconductors (CHIPS) Act with the same US negotiators as for the
IPEF. Minister Ahn of the Ministry of Trade, Industry and Energy (MOTIE) sees opportunities to
draw the US closer to the international position especially by creating a carbon trading zone in the
Clean Economy Pillar, and played a role in the Supply Chain committee creation. Korea covered the
same issues with the Chinese on a bilateral basis ensuring that Korea was not drawn fully into any
decoupling strategy. Discussion in Korea in June showed MOTIE optimistic, but business doubtful
about the efficacy of the IPEF which could be challenged in Congress with Executive Orders which
could be abandoned by the next US President.