South Korea and other negotiating members of the United States-led Indo-Pacific Economic Framework (IPEF) have reached a consensus on two additional sectors of the agreement, energy and fair economy, Seoul's trade ministry said Thursday.

The IPEF was launched by US President Joe Biden in 2022 in a move to counter China's growing influence in the region, which involves a total of 14 member nations, including South Korea, Australia, India, Japan, Singapore, Thailand and Vietnam.

Among the initiative's four sectors, the agreement on the supply chain resilience pillar was reached in May.

The clean energy pillar is anticipated to pave the way for participating nations to enhance collaboration in the pursuit of sustainable energy sources and reducing gas emissions.

The fair economy segment focuses on strengthening protection for whistleblowers against corruption and taking punitive actions against illegal activities in government procurement.

Members now have only the trade pillar remaining in the IPEF negotiations and have agreed to continue talks on the segment next year, according to the Ministry of Trade, Industry and Energy.

"Currently, we have made significant progress in detailed sectors of the trade pillar through a series of negotiations," the ministry said in a statement. "However, there was consensus among the participants that additional talks are needed."

The IPEF members represent around 40 percent of global gross domestic product, and 28 percent of global goods and services trade, according to government data. (Yonhap)

• ·McKinsey names 2 new partners at Seoul office
• ·On verge of closing, rural school tries to lure students with financial benefits
• ·LG Energy Solution debuts new battery
• ·SK chief calls on board members to help CEOs make balanced decisions
• ·5 cities in Japan splashed with Seventeen
• ·홍준표 "서울 메가시티, 시대 역행…尹정책과도 안맞아"
• ·Asiana Airlines delays decision on cargo business sell
• ·Posco secures W6tr supply deal from Lotte Energy Materials
• ·'Violent crimes induced by noise disputes increased tenfold since 2016'
• ·US lawmaker submits bill requiring Pentagon report on allies' defense contribution
• ·Memorial park for independence fighter to open in Kazakhstan
• ·Celltrion wins UNDP tender to supply anticancer treatments to Turkmenistan
• ·[KH Explains] Why tighter US subsidy rules could boost Chinese firms
• ·US lawmaker submits bill requiring Pentagon report on allies' defense contribution
• ·Yoon doubles down on cutting national debt in 2024 budget speech
• ·Sombre palaces, tombs swathed in fall colors