Finance minister Hong Nam-ki said the government is giving serious consideration to joining the Indo-Pacific Economic Framework(IPEF), a new U.S.-proposed economic framework for the region.

Chairing a meeting on economic security on Friday, Hong said that as discussions on the IPEF are expected to pick up speed, Seoul will also discuss its stance and future plans regarding the issue in a positive manner.

The Biden administration is seeking to launch the framework to deepen cooperation with partner countries on a range of trade issues in what is seen as a move to counter China.

Speaking on another trade deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), Hong reiterated the administration’s intent to officially apply to join the free trade pact before President Moon Jae-in's term ends.

He added that the incoming government is expected to deal with the membership negotiations.

Regarding COVID-19 lockdowns in major Chinese cities, the finance chief said supply chain bottlenecks are not expected to have any immediate impact but prolonged lockdowns may affect local firms later. The minister promised to make preparations accordingly.