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Secretary of Commerce Gina M. Raimondo and United States Trade Representative Katherine Tai hosted counterparts from the 13 Indo-Pacific Economic Framework for Prosperity (IPEF) partner countries – representing over 40% of the global economy – at the first official in-person Ministerial meeting. The ministers had positive and constructive discussions, and announced a substantial milestone in their pursuit of a high-standard and inclusive economic framework.
“Our first in-person meeting has been an undeniable success,” said Secretary Raimondo. “This week, 14 countries came together to chart a path forward that will create economic opportunity, improve labor conditions, and promote sustainability for all of our economies. Just as importantly, this ministerial gave us an opportunity to show that we can deliver concrete and tangible economic benefits for partner countries while pursuing an inclusive and high standard framework at the same time. I am proud of the progress we’ve made and I’m excited to continue building momentum in this effort.”
“This meeting was a chance to deepen our partnerships and fill in the details about how we will work collectively to address the challenges and opportunities that will define the 21st century,” said Ambassador Katherine Tai. “After several days of intensive discussions, we have made real progress toward that goal and I am excited to continue developing this Framework, which will unlock enormous economic value for our region and serve as a model for the rest of the world to follow.”
Since its launch in May launch, IPEF countries have engaged in intensive discussions to scope out each pillar of the Framework. At the conclusion of the Senior Officials and Ministerial meetings, the partners reached consensus on ministerial statements for each of the four IPEF pillars: Trade; Supply Chains; Clean Economy; and Fair Economy.
The Framework will advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through IPEF, the partners aim to contribute to cooperation, stability, prosperity, development, and peace within the region. The Framework will also offer tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.
The IPEF ministerial statements are available via the links provided below:
In May 2022, Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Viet Nam began the process to establish the Indo-Pacific Economic Framework for Prosperity. Ambassador Tai and Secretary Raimondo held the first virtual Ministerial in May shortly after the official launch. They also held a virtual Ministerial in July, which reaffirmed their collective goal to pursue ongoing and intensified engagements with IPEF partner countries.
The full text of the May 2022 IPEF launch statement is available here
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