On July 9 negotiations will be held in Busan for the negotiating phase of the Indo-Pacific Economic Framework (IPEF) which is seen as the US attempt to make rules and pull 13 countries including Korea away from China – part of the attempted virtual decoupling which the USTR is promoting. On the other side, on July 3 2023, at the annual International Forum for Trilateral Cooperation in Qingdao, Wang Yi made an appeal to Japan and Korea to be Asian.
Korea is very much in the eye of the storm between US and China and we want to spend a session discussing this issue in depth.
Business, the opposition and others are concerned about the impact on trade and investment with China already affected by the tilt to the US, IRA, the Chip Act and prohibitions or limitations on investment in semi-conductors. We think this is time to look at the China relationship closely partly aided by a detailed examination of where Korean exports go to in China and the Chinese content of Korean exports by Peterson Institute for International Economics published last year, commissioned by MOTIE.
In virtual parallel with the IPEF process negotiations have continued with China on extending the China-Korea FTA into services and a draft MOU on supply chain between the two countries and on semiconductor business between China and Korea.
The aim of the session is to try to assess the degree of reset necessary in our thinking about China for the rest of the 2020s and to try understand China’s side of the story in the evolution of relations with the US and how Korea should best react.
This breakfast meeting will take place at the German Ambassador’s residence in Songbuk-dong by courtesy of the German Embassy a member of KBF, from 8.00 to 10.00 am on July 20th with a second chance event early in August. Places will be limited, but hybrid facilities will be available for those unable to attend in person.
This is the first of KBF’s events which we plan to hold several times a year in member’s facilities. Do not go to the Hyatt this time!