Ministerial Statements for the Four IPEF Pillars
19/09/2022 60The first in-person ministerial meeting of the Indo-Pacific Economic Framework (IPEF) concluded on September 9, 2022 in Los Angeles. The Conference saw the participation of 14 countries, incl. the United States, Japan, South Korea, Australia, New Zealand, Singapore, and Malaysia, Indonesia, Philippines, Thailand, India, Brunei, Fiji and Viet Nam.
The IPEF is an economic cooperation framework proposed by the United States with a new, open, flexible and inclusive approach, consisting of four main Pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Pillar IV).
Pillar I (Trade) includes components relating to: (i) Labor, (ii) Environment, (iii) Digital economy, (iv) Agriculture, (v) Transparency and good practice of regulations, (vi) Competition policy, (vii) Trade facilitation, (viii) Inclusivity, and (ix) Technical assistance and economic cooperation.
Pillar II (Supply Chains) includes components relating to: (i) Establishing criteria for important sectors and commodities; (ii) Increased resilience and increased investment in key sectors and commodities; (iii) Establish a mechanism for information sharing and crisis response; (iv) Strengthening supply chain logistics; (v) Enhance the role of workers and (vi) Improve transparency of the supply chain.
Pillar III (Clean Economy) includes components relating to: (i) Energy security and transition; (ii) GHG emission reduction in priority sectors; (iii) Sustainable land, water and ocean solutions; (iv) Innovative technology for greenhouse gas removal; and (v) Incentives to enable the clean economy transition.
Pillar IV (Fair Economy) includes components relating to: (i) Anti-corruption; (ii) Tax; (iii) Capacity building and innovation; and (iv) Cooperation, inclusive collaboration and transparency.
At the end of the Conference, the Ministers adopted 4 Ministerial Statements on the Pillars, serving as a basis for countries to discuss and formulate more specific contents at later stages.
IPEF_Ministerial Text_Pillar 1_Trade (English)
IPEF_Ministerial Text_Pillar 2_Supply Chains (English)