The South Korean government has formally decided to join the U.S.-led Indo-Pacific Economic Framework (IPEF), Yonhap reported on Wednesday, citing government sources.

The report said that President Yoon Suk-yeol will attend the IPEF inauguration summit meeting via video on May 24.

The inauguration will be presided over by U.S. President Joe Biden in Japan. 

Biden is scheduled to visit South Korea and Japan later this week. 

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