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IPEF progress boosts diversified investment, supply chains and economic distribution
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D
uring the Indo-Pacific Economic Framework Ministerial Meeting (IPEF-MM) on Nov. 14, all IPEF member countries agreed to announce the substantive completion of Pillars III (Clean Economy) and IV (Fair Economy). Pillar II (Supply Chains) had already been completed at the Second Ministerial Level Meeting in Detroit, the United States, which took place from May 26 to 27.
With the completion of the agreements for Pillars II, III and IV, IPEF partner countries are committed to moving on to diversifying investments, strengthening supply chains, developing markets and ensuring widespread economic distribution in the Indo-Pacific region. IPEF partner countries also aim to enhance cooperation toward a more connected and integrated Indo-Pacific region, benefiting businesses, consumers, investors, SMEs and workers.
"Together, we have made rapid progress in reaching consensus on bold actions toward a clean and fair economy, such as the development of economic corridors, increased sustainable investments in environmentally friendly energy and agriculture, and strengthening tax transparency and anti-corruption efforts. We need to adopt a comprehensive approach; combining energy, agriculture, forestry, transportation and the environment, to strengthen and achieve common goals, and ensure that no one is left behind," said Coordinating Minister for Economic Affairs Airlangga Hartarto.
The 14 IPEF partner countries will take necessary steps, including further domestic consultations and legal reviews, to prepare the final drafts of the agreements for Pillars II, III, and IV. Subsequently, the process will continue with signing within the IPEF partner countries, followed by ratification, acceptance or approval.
"We welcome strong collaboration to facilitate the implementation of agreed commitments based on the IPEF. We hope to deepen cooperation among IPEF partners and achieve a cleaner and fairer economy in Indonesia, the region and beyond," added Airlangga.
