Readout of Indo-Pacific Economic Framework for Prosperity Virtual Ministerial

Readout of Indo-Pacific Economic Framework for Prosperity Virtual Ministerial
JAndrejat@doc.gov
Thu, 06/29/2023 – 23:05

FOR IMMEDIATE RELEASE

Thursday, June 29, 2023

Office of Public Affairs

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Today, U.S. Secretary of Commerce Gina Raimondo hosted an Indo-Pacific Economic Framework for Prosperity (IPEF) virtual ministerial meeting that was attended by representatives from Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Republic of Korea, Singapore, Thailand, and Vietnam.

Building on the positive momentum coming out of the Detroit ministerial meeting last month, and the substantial conclusion of the negotiations of the IPEF Supply Chain Agreement, the IPEF partners reaffirmed their shared commitment to ambitious outcomes in Pillars III (Clean Economy) and IV (Fair Economy) as quickly as possible, and discussed the importance of delivering concrete benefits, including technical assistance and capacity building, to support future implementation of the high standard commitments envisioned under the two pillars.

During the meeting, the U.S. Department of Commerce announced that the U.S. International Development Finance Corporation (DFC) approved $300 million in financing for sustainable infrastructure projects, including in eligible IPEF member countries that become a party to the IPEF clean economy agreement currently being negotiated. This investment will mobilize up to $900 million of equity capital that will be deployed through I Squared Capital, a world leader in private global infrastructure investment managers, which will invest in renewable energy, smart-grid capabilities, power storage, and other projects that further climate change mitigation and adaptation objectives. For more information, see the DFC press release.

IPEF Negotiating Rounds and Ministerial Meetings

The IPEF partners met in Los Angeles, California, for a ministerial meeting on September 8, 2022, during which they released ministerial statements for the four pillars under IPEF.

The first negotiating round was held in Brisbane, Australia, from December 10-12, 2022, followed by a special negotiating round on Pillars II-IV in New Delhi, India, from February 8-11, 2023.

The second negotiating round was held in Bali, Indonesia from March 13-19, 2023, followed by the third negotiating round in Singapore from May 8-15, 2023.

The IPEF partners met in Detroit, Michigan, for a ministerial meeting on May 27, during which they recognized the progress made in Pillars I (Trade), III (Clean Economy) and IV (Fair Economy), and announced the substantial conclusion of negotiations on a landmark IPEF Supply Chain Agreement under Pillar II.

The fourth IPEF negotiating round takes place from July 9-15, 2023, in Busan, Republic of Korea.

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Department of Commerce

Tags

Indo-Pacific Economic Framework

Read the full report from the U.S. Department of Commerce: Read More