Historic IPEF Ministerial Meeting Reinforces Regional Economic Cooperation

Singapore, INTI – The Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting, held on Thursday (6/6) at the Sands Expo & Convention Centre, marked a significant milestone in regional cooperation across the Indo-Pacific. Deputy Prime Minister of Singapore, Gan Kim Yong, and US Secretary of Commerce, Gina Raimondo, highlighted the importance of this meeting, which brought together senior ministers from 14 IPEF partner countries, representing over 40% of the world's GDP and 28% of global trade in goods and services.

The meeting underscored a shared commitment to fostering a clean, fair, and holistic economy in the Indo-Pacific region, in line with the four pillars of the IPEF agreement: trade, supply chains, clean economy, and fair economy.

Since the launch of IPEF two years ago in Tokyo, Japan, the 14 member countries (Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States, and Vietnam) have made significant strides. This latest meeting focused primarily on three of the four IPEF pillars.

IPEF Supply Chain Agreement (Pillar II): This pillar aims to strengthen regional supply chains, ensure the smooth distribution of goods and services, and enhance inter-country cooperation.

IPEF Clean Economy Agreement (Pillar III): In an effort to mitigate environmental impact, agreements were signed to promote a clean economy. This includes developing eco-friendly technologies and implementing renewable energy solutions.

IPEF Fair Economy Agreement (Pillar IV): This pillar seeks to create a fair economy for all, including workers and businesses, by focusing on regulatory and economic policy collaboration.

Indonesia and its IPEF partners are committed to continuing the steps towards ratification and implementation of the signed agreements. The IPEF partners will monitor progress under the three pillars and measure concrete outcomes at the next ministerial meeting in September 2024 in Washington, DC. Additionally, the Clean Economy Investor Forum (CEIF) was launched to mobilize funds for clean energy technology among IPEF member countries.

Speaking to the IPEF ministers, Coordinating Minister for Economic Affairs, Airlangga Hartarto, emphasized the importance of collective action to implement the IPEF agreements and create jobs in the region. “We must realize concrete projects next year. No one is left behind. The progress of the projects is there. The projects hopefully will create jobs in the regions,” said Minister Airlangga, advocating for tangible outcomes from IPEF meetings to attract investment in clean energy and job creation.

Supporting Minister Airlangga's statements, US Secretary of Commerce Gina Raimondo praised Indonesia for its active participation in IPEF. Secretary Raimondo responded positively and fully supported Minister Airlangga’s call for IPEF to deliver concrete results and real benefits for the people, especially in job creation and enhancing public welfare. “IPEF must bring job creation and opportunity for our people,” Secretary Raimondo concurred, endorsing Minister Airlangga's vision.

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