The government plans to accelerate consultations with the United States on the Indo-Pacific Economic Framework and gather opinions from domestic experts on Seoul's participation.

Trade minister Yeo Han-koo said during a meeting with the private sector on Tuesday that the U.S.-led initiative is expected to provide new opportunities for South Korea.

The minister added that the government is positively reviewing participation to strengthen cooperation in stabilizing supply chains and addressing new trade issues such as digital transactions.

He is scheduled to discuss the matter during a videoconference with U.S. Trade Representative Katherine Tai on Thursday, a day after talks with U.S. Rep. Ami Bera, the co-chair of the U.S. Congressional Caucus on Korea.

Last October, the Biden administration proposed that South Korea join the framework, widely considered a U.S. attempt to counter China's growing economic influence in the region.