President Yoon Suk Yeol says the Indo-Pacific Economic Framework(IPEF) is aimed at realizing the shared prosperity of the region's economies as he pledged South Korea's active participation. 

Yoon made the remark in a speech delivered during the inaugural summit of the new U.S-led cooperative body on Monday, which kicked off as a 13-member bloc. 

Calling the launch the first step in member countries' solidarity and cooperation, he listed COVID-19, supply chain disruptions, climate change, food and energy crises as global challenges that make the regional framework’s advent especially meaningful.

Yoon assessed South Korea’s fast growth and development as being based on liberal democracy and a free market economy. He pledged to share the nation’s experiences in every area covered by the IPEF in cooperation. 

The South Korean leader also expressed his hope that the IPEF will be pursued based on the principles of openness, inclusiveness and transparency, adding Seoul will fulfill its responsibility to help open up an era of joint prosperity in the Indo-Pacific.