(Washington Composite Electric) The Indo -Pacific Economic Framework member country held the first ministerial physical meeting since the start of the framework in Los Angeles.
14 member states account for 40 % of GDP worldwide
The meeting is expected to discuss the four pillars of the framework -trade, supply chain, clean energy, decarburization and infrastructure, taxation and anti -corruption, and issue a joint statement to lay the foundation for launching the official negotiations.
The Indo -Pacific Economic Framework (IPEF) is led by the United States. Members include Singapore, Japan, South Korea, Australia, India, New Zealand, Indonesia, Malaysia, the Philippines, Thailand, Brunei, and Fiji;It accounts for about 40%of GDP (GDP).
This meeting has been held for two days from Thursday (September 8Shy; Day), chaired by US trade representative Dai Qi and Commerce Raymond.
Japan's Minister of Economy and Industry Nishimura Kangyu talks with Raymond on Wednesday that Japan and the United States will promote formal negotiations at the meeting.He said: "We hope to build a framework that can cope with the 21st century challenge, which include the elasticity and decarburization of the supply chain."
In order to fight for extensive participation in various countries, IPEF allows member states to choose areas where they want to participate.It is expected that the joint statement of the meeting will list the list of participants in various pillar areas.
The draft statement obtained by the Japanese Economic News shows that the IPEF plans to establish a shared information mechanism in terms of supply chain.In order to prevent the supply chain interrupted due to emergencies such as infectious diseases and disputes, countries will set up windows to establish mechanisms for requesting sharing information and alternative procurement.This mechanism is mainly aimed at the main raw materials of semiconductors, important minerals, food and industrial products, and may also include medical protective clothing and batteries.
IPEF will also require further strengthening information exchange, decentralized production bases, and strengthening reserve systems.The report pointed out that there is a vigilance behind this consideration.
How to cope with climate change is also one of the areas of the conference's progress.According to the recent signing of inflation signed by President Biden, the United States will allocate green energy for 370 billion US dollars (about S $ 520.2 billion) within 10 years.
Chen Shilong, Minister of Human Manpower and Second Minister of Trade and Industry, said in an interview with Bloomberg that Singapore supports development of renewable energy.He pointed out that IPEF can become a forum with various ideas, and then the member states jointly promote the framework agenda.He also hopes that this framework is more tolerant.
The Thai Ministry of Foreign Affairs said that Thailand is committed to developing a green economy, and the cooperation brought by IPEF helps Thailand's economic transformation.
IPEF is regarded as "China Siege Net" in the United States: Not for the choice of China or the United States
IPEF is the biggest move to strengthen the economic and trade relations with India -Pacific countries since the United States withdrew from the Cross -Pacific Partnership Agreement (TPP) in 2017.The details of the four pillars of the framework are yet to be finalized, but the United States shows that there will be no reduction tariffs in the traditional free trade agreement. The United States will seek pipelines other than tariffs to strive for more export access.
Some analysts believe that IPEF aims to establish a "China Siege Net".Some participating countries, especially Southeast Asian countries, also require the United States to keep this framework open to China.
In this regard, the United States emphasized that IPEF is not an alternative option to trade with China.A senior official of the Biden government said on the eve of the meeting: "This initiative is actually about formulating an active economic agenda in the United States in the Indo -Pacific region.Make a choice. "
