The IPEF(Indo-Pacific Economic Framework), a U.S.-led multilateral economic initiative for regional prosperity, has been launched and South Korea formalized its participation in the IPEF through the R.O.K.-U.S. summit. The purpose of the IPEF is to strengthen the partnership among member countries in four major agendas including progress on the digital economy, resilience of supply chains, commitments on infrastructure, clean energy, decarbonization, and enhancement of tax, anti-corruption. Although the blue print for the IPEF is likely to be revised and specified, this session will focus on the five major challenges of the initiative. Firstly, how will the economic initiative pursue inclusive policy as its condition of membership is exclusive due to the heightened competition between the U.S.-China? Secondly, what incentives for member countries can the IPEF offer to be sustainable as each member country has different national interests? Thirdly, can this framework offer credibility to achieve its goals in a situation where China is excluded? Fourthly, how should the IPEF establish the relationship with CPTTP and RCEP? Lastly, what is the role of South Korea as a founding member?