13 Indo-Pacific nations and the United States associated with the Indo-Pacific Economic Framework for Prosperity (IPEF) have agreed on a framework to strengthen economic ties and discussed the challenges of the Indo-Pacific region.
US Trade Representative Katherine Tai and Commerce Secretary Gina M. Raimondo welcomed their counterparts from the 13 IPEF countries at the first official in-person ministerial meeting in Los Angeles. Representatives from Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam participated in the talks.
During the meeting, participants discussed each of IPEF’s four pillars: trade, supply chain, clean economy and fair economy. The 14 countries reached a consensus on ministerial declarations related to these pillars, which outline the parameters for future trade agreements and the improvement of economic relations between the associated countries.
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Tai said they had made real progress after several days of intense discussions, adding that she was excited to further develop the framework, which will unlock huge economic potential for the region and serve as a model for the rest of the world.
During the meeting, participants discussed each of IPEF’s four pillars: Trade, Supply Chain, Clean Economy and Fair Economy.
For his part, Raimondo praised the success of his first in-person meeting, stating that 14 countries came together to chart a path that will create economic opportunities, improve working conditions and promote the sustainability of all their economies. He added that this conference provided them with an opportunity to demonstrate that they can offer concrete and tangible economic benefits to partner countries, while continuing to pursue a high-level and inclusive framework.
IPEF members also held informal talks and bilateral meetings to address regional issues and various challenges in the Indo-Pacific region, with the aim of maintaining close collaboration.
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