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Indonesia seeks IPEF support for clean energy investment
The Indo-Pacific Economic Framework for Prosperity has been seen as a forum to counterbalance the Regional Comprehensive Economic Partnership and the most significant US economic engagement in Asia and the Pacific region after its withdrawal from the Trans-Pacific Partnership.
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President Joko “Jokowi“ Widodo (left) delivers remarks alongside members of the Indo-Pacific Economic Framework (IPEF) at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, the United States on Nov. 16, 2023. (AFP/Brendan Smialowski)
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ndonesia is looking to leverage the Indo-Pacific Economic Framework for Prosperity (IPEF) to boost clean energy adoption in the country after 15 members of the United States-led economic initiative signed the long-waited agreement in Singapore.
Haryo Limanseto, a spokesperson for the Office of the Coordinating Economic Minister, said the IPEF agreement would support sustainable development and the green economy in the country and its transition to net-zero emissions.
“We will ensure that Pillar III [Clean Economy] and IV [Fair Economy] of the IPEF will be well-implemented. Many positive outcomes will come from the agreement for the country’s clean energy efforts,” he told The Jakarta Post on Friday.
The US launched the IPEF in 2022 as a forum to bridge economic cooperation with 14 countries in Asia and the Pacific region, including those in Southeast Asia, India, Japan, South Korea and Australia. It was established shortly after the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement among Asian and Pacific countries that include China.
The IPEF has been seen as a forum to counterbalance the RCEP and the most significant US regional economic engagement after its withdrawal from the Trans-Pacific Partnership.
Unlike the RCEP, however, the IPEF is not considered a trade agreement after US President Joe Biden received pushback in November for the trade pillar of the framework from fellow Democrats in the US Congress over concerns that it would endanger US jobs and damage Biden’s re-election prospects this year.
Despite the earlier pushback, Thursday’s ministerial meeting in Singapore saw IPEF members sign on to the overarching agreement, and the Clean Economy and Fair Economy agreements.
