U.S. Department of CommerceSeptember 9, 2022
Commerce Secretary Gina M. Raimond and U.S. Trade Representative Catherine Tai held their first official face-to-face meetings with their counterparts from 13 Indo-Pacific Economic Framework for Prosperity (IPEF) partner countries, representing more than 40 percent of the global economy. Invited to a ministerial meeting. Ministers held active and constructive discussions and announced substantial milestones in their pursuit of a high-standard and comprehensive economic framework.
“Our first in-person meeting was an undeniable success,” said Secretary of State Raimond. “This week, 14 countries came together to chart a course to create economic opportunity, improve working conditions and promote sustainability in all economies. , has given us the opportunity to pursue a comprehensive, high-standard framework while demonstrating that it can bring tangible and tangible economic benefits to our partner countries. We are excited to continue building momentum with this initiative.”
Ambassador Catherine Tai said, “This meeting was an opportunity to deepen our partnerships and fill in the details on how we will work together to address the challenges and opportunities that define the 21st century.” Since then, we’ve made real progress towards that goal, and I’m excited to continue developing this framework.
Since its launch in May, IPEF member countries have held intensive discussions to examine each pillar of the Framework. At the conclusion of the high-level and ministerial meetings, the partners reached consensus on Ministerial Statements on each of his IPEF’s four pillars. supply chain; clean economy; and fair economy.
The Framework will improve our economic resilience, sustainability, inclusiveness, economic growth, equity and competitiveness. Through her IPEF, the partner aims to contribute to cooperation, stability, prosperity, development and peace within the region. The framework also stimulates economic activity and investment, fosters sustainable and inclusive economic growth, and provides tangible benefits that benefit workers and consumers across the region. The 14 IPEF partners account for 40% of global GDP and 28% of global trade in goods and services.
The IPEF Ministerial Statement is available at the link below.
• First Pillar (Trade)
In the Trade Pillar, IPEF Partners work to develop the foundations for resilient, sustainable and inclusive economic growth, including labour, the environment, the digital economy, agriculture, transparency and good regulatory practices, competition, inclusiveness and trade. We demand high standards in these areas. Facilitation, technical assistance, economic development. The United States and her IPEF partners are committed to adopting high-standard provisions that ensure free and fair trade that benefits workers, helps foster sustainable and inclusive economic growth, and contributes meaningfully to protecting the environment. I ask. We intend to promote inclusive digital trade by building an environment of trust and trust in the digital economy, addressing discriminatory practices, and facilitating reliable and secure cross-border data flows. . We seek to advance the benefits of good regulatory practices to support food security and sustainable agricultural practices, and good governance, and strive towards leveraging best practices in facilitating trade. .
• Second Pillar (Supply Chain)
In the supply chain pillar, countries seek to coordinate actions to mitigate and prevent future supply chain disruptions and to secure sectors and key products that are critical to manufacturers. The United States will work with his IPEF partners to identify sectors and products that are critical to national security, economic resilience, and public health and safety, and act jointly to increase the resilience of these sectors, Create jobs and economic opportunities in key areas. industry of the future. Partners will work together to identify critical supply sources and chokepoints in his chain, and work together to facilitate and support investment in new physical and digital infrastructure. Partners can use data to improve supply chain logistics, invest in new training and development opportunities to upskill workers, and enable all citizens to share the benefits of improved supply chain resilience. will do so. Finally, countries will ensure that work is done to promote labor standards that support equitable, sustainable and resilient supply chains.
• Third Pillar (Clean Economy)
In the clean economy pillar, partners will unlock the region’s abundant clean energy resources and substantial carbon sequestration potential, while countries seek to expand investment opportunities, foster innovation and improve the lives of their citizens. The partners aim to advance cooperation on clean energy and climate-friendly technologies, mobilize investment and promote the use of low- and zero-emission goods and services. This work is part of a forward-looking effort to enhance energy security and reduce overall greenhouse gas emissions. Partners seek to facilitate a just transition through the active participation of stakeholders such as the private sector, workers and local communities.
• Fourth Pillar (Fair Economy)
Under the fair economy pillar, Member States recognize the importance of fairness, inclusiveness, the rule of law and accountability, while recognizing the importance of preventing and combating corruption, curbing tax evasion, and increasing transparency to improve the integrity of partner countries. We strive to level the playing field between companies and workers. and transparency. By innovating and strengthening common approaches to implementing anti-corruption and tax systems, countries can improve the investment climate and promote commerce, trade and investment flows between economies, while promoting free, open and prosperous economic growth. We aim to advance a sustainable Indo-Pacific region.
In May 2022, Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States and Vietnam began the process of establishing the Indo-Pacific region. An economic framework for prosperity. Thai Ambassador and Secretary of State Raimond held his first virtual ministerial meeting in May, shortly after the official launch. We also held a virtual ministerial meeting in July and reaffirmed our common goal of pursuing continued and enhanced engagement with IPEF partner countries.
The full text of the May 2022 IPEF Launch Statement is available here.
Branch Offices and Offices International Trade Bureau
leadershipGina M. Raimond
Remarks by Ambassador Catherine Thailand at the Indo-Pacific Economic Framework Ministerial Closing Press Conference
Preparing for delivery:
Thank you, Secretary Raymond. you are a great partner. I would like to thank the staff for their close cooperation. I would also like to thank the USTR team for all their hard work in making this ministerial meeting possible.
But most importantly, I must thank the 13 IPEF partners for traveling to Los Angeles to attend our first Indo-Pacific Economic Framework Ministerial Meeting in person. Hmm. It was the energy to be in the same room with all the partners. That energy will carry us through the upcoming discussions on the ambitious components of the Framework.
I’ve said it before, but it’s worth repeating. For decades, trade was often reduced to a zero-sum game of being left behind. But President Biden believes in putting workers at the center of economic policy, and that trade should be a platform that brings real opportunities to real people.
IPEF represents how we are moving forward to bring about equitable growth in our region.
We launched this framework in May to develop our latest economic agreement. The pact will provide broad economic connectivity, benefit workers, fight climate change, build resilient supply chains and level the playing field for businesses.
And as I said yesterday, this conference was an opportunity to deepen our partnership and work out the details of how we will work together to address the challenges and opportunities that define the 21st century.
After several days of intensive discussions, we are pleased to say that we have made real progress towards that goal.
Our current intention is that this ministerial meeting will be followed by a first round of discussions, and we will proceed to negotiations with partners on each pillar.
Specifically, we plan to develop initiatives that foster sustainable and inclusive growth by adopting, maintaining and enforcing internationally recognized labor rights legislation.
We identify ways to protect the environment, respond to common sustainability challenges, including climate change, and promote trade and investment in related clean technologies.
For the digital economy, key challenges include building trust in the digital economy, addressing discriminatory practices, and facilitating trustworthy and secure cross-border data flows.
We use science-based practices to optimize land, water and fuel use to increase food security and enable farmers, ranchers and fishermen to expand access to markets across the region. can help.
Combined with increased transparency, good regulatory practices, enhanced consumer protection, fair competition, greater access to all SMEs, and technical assistance, our region’s economic potential, especially for SMEs, is enormous. value is unlocked.
Taken together, the components of the Trade Pillar foster a race to the top for all, strengthen supply chains and foster cooperation that underpins sustainable growth.
This framework becomes a model for the rest of the world to follow. It will bring enormous economic value to our region. We will develop these pillars based on input and discussion from stakeholders, trading partners and parliament.
IPEF is our commitment to our region and its people. To ensure that the next generation inherits a better world, America is committed to fighting for our common good.
And I’m excited to continue the discussions over the coming weeks and months.
Thank you very much.