President Yoon Suk Yeol will attend a summit of the Indo-Pacific Economic Framework for Prosperity (IPEF) in San Francisco, California, on Thursday.

The presidential office said Sunday that the IPEF summit will assess the progress it has made in negotiations and discuss specific plans for cooperation.

The IPEF, launched by the United States administration in May 2022, is considered a platform to counter the China-led Regional Comprehensive Economic Partnership (RCEP). It involves 14 member countries, including South Korea, the United States, Japan, Australia, India, Indonesia, Singapore, Thailand and Vietnam.

The IPEF meeting will be held on the sidelines of a summit of the Asia-Pacific Economic Cooperation (APEC), which kicked off on Saturday for a seven-day run.

The top office said last week that President Yoon and first lady Kim Keon-hee will depart Wednesday for a three-day visit to San Francisco to attend the APEC summit.