IPEF Agrees on Parameters to Strengthen Economic Ties

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13 Indo-Pacific nations and the United States have agreed on a framework for strengthening economic ties and discussed challenges in the Indo-Pacific region.

U.S. Trade Representative Katherine Tai and Commerce Secretary Gina M. Raimondo hosted counterparts from the 13 Indo-Pacific Economic Framework for Prosperity (IPEF) partner nations at the first official in-person Ministerial meeting in Los Angeles. The talks included representatives from Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.

During the meeting, participants held discussions on each of the four IPEF pillars comprising Trade, Supply Chain, Clean Economy and Fair Economy. The 14 nations reached a consensus on ministerial statements for these pillars that outline parameters for future trade agreements and enhancing economic relations among partnership countries.

Tai said they have made real progress after several days of intensive discussions, adding that she is excited to continue developing the framework, which will unlock enormous economic potential for the region and serve as a model for the rest of the world to follow.

Raimondo meanwhile praised the success of their first in-person meeting, stating that 14 countries came together to chart a path forward that will create economic opportunity, improve labor conditions and promote sustainability for all of their economies. She added that this conference provided them with an opportunity to demonstrate that they can deliver concrete and tangible economic advantages to partner countries, while still pursuing an inclusive and high-standard framework.

Members of the IPEF also held informal discussions and bilateral meetings to address regional issues and various challenges in the Indo-Pacific region, with the goal of maintaining close collaboration.

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