The top trade officials of South Korea and the United States held talks on Thursday and discussed the new U.S.-led economic framework in the Indo-Pacific region.

Trade minister Yeo Han-koo and U.S. Trade Representative Katherine Tai held a video conference on Thursday to discuss the Indo-Pacific Economic Framework(IPEF).

According to Seoul's trade ministry, Yeo welcomed the U.S.-led initiative, saying that it comes at a time when cooperation is necessary within the Indo-Pacific region, which is a key axis of the global economy.

Minister Yeo said that in South Korea, discussions on the initiative are underway among relevant ministries and a joint task force comprising government officials and civilian experts.

The minister added that, during a task force meeting on Tuesday, local industry officials and experts gave a positive assessment of the new initiative in that the IPEF could set up a framework of standards and cooperation for the new trade agenda.

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.

The latest talks between Yeo and Tai mark the sixth since Biden announced the initiative.