Press Release
☷Raimondo IPEF Ministers Welcome Continued Progress at Indo Pacific Economic Framework for Prosperity IPEF Virtual Ministerial Meeting
U.S. Department of Commerce ( By Press Release office)
Mar 15,2024
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Today , Secretary of Commerce Gina Raimondo and Deputy Prime Minister Parnpree Bahiddha - Nukara of Thailand , along with ministers from 12 other countries , met virtually for the Indo - Pacific Economic Framework for Prosperity ( IPEF ) Ministerial Meeting . They discussed the progress made on various agreements and initiatives , including the recent entry into force of the IPEF Supply Chain Agreement . The partners also outlined plans for upcoming events and programs under the Clean Economy pillar . The next in - person meeting is scheduled for June in Singapore . Secretary Raimondo expressed excitement about the collaborative efforts and achievements of the IPEF partners , highlighting the rapid progress made since the framework was established less than two years ago . The Commerce Department has released the texts for three important agreements: the Clean Economy Agreement , Fair Economy Agreement , and Agreement on IPEF . After finalizing the texts through a legal review process , the partners will now work on their domestic processes for signing , accepting , approving , or ratifying the agreements . The Clean Economy Agreement focuses on working together to achieve net - zero emissions and promote sustainable economic growth . The Fair Economy Agreement aims to create a fair trade environment and combat corruption , while also emphasizing the importance of protecting workers ' rights . In Pillar III , partners are progressing on the transition to cleaner economies since negotiations on the proposed Clean Economy Agreement . They are hosting the IPEF Clean Economy Investor Forum in June 2024 to mobilize investment for climate - related projects . Partners are also providing $33 million in grant funding for the IPEF Catalytic Capital Fund under the Clean Economy Agreement . For more information , visit www . IPEFinvestorforum . org . We ' ve got 3 billion bucks lined up for climate projects in IPEF economies , thanks to Australia , Japan , the Republic of Korea , and the United States . The Private Infrastructure Development Group will handle the funds to support climate infrastructure projects . We ' re also looking into hydrogen initiatives and other areas like carbon markets , clean electricity , workforce development , and sustainable aviation fuels . Plus , we ' re working on making the business environment more predictable and transparent to boost trade and investment among us partners . In light of the important role of technical assistance and capacity building in achieving the goals of the proposed agreement and enhancing anti - corruption measures and tax administration , the partners are excited to continue identifying and implementing initiatives to strengthen these efforts . The Indo - Pacific Economic Framework ( IPEF ) was launched in May 2022 by President Biden , bringing together 14 regional partners for economic cooperation . Negotiations for various agreements under the IPEF concluded in 2023 , including the Supply Chain Agreement . The partners also announced negotiations for the Clean Economy and Fair Economy Agreements , as well as an overarching Agreement on IPEF for long - term sustainability . Links to the agreements and more information can be found below .
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