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Indo-Pacific Economic Framework Progresses Towards Fair Economy
INTI- In the Indo-Pacific Economic Framework Ministerial Meeting (IPEF-MM) held on Saturday (27/05), Ministers and Senior Officials from 14 member countries of IPEF, including Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam, gathered to discuss the status of negotiations and welcomed the progress achieved in Pillar IV.
The IPEF partners have made significant strides towards developing a text for an agreement that will strengthen the implementation of effective anti-corruption and tax measures, aiming to enhance trade and investment and expedite progress in anti-corruption and tax initiatives. This progress includes increasing cooperation in capacity-building and technical assistance.
The IPEF member countries aim to intensify efforts in the upcoming negotiation round to achieve a high-standard and mutually beneficial Fair Economy Agreement. Senior officials from the IPEF partner countries will convene in the Senior Officials' Meeting during the fourth round of IPEF negotiations, scheduled for July 9-15, 2023, in Busan, South Korea, with tax-related issues being one of the key topics of discussion. Accompanying Coordinating Minister for Economic Affairs Airlangga Hartarto at the IPEF MM were the Minister of Industry and the Indonesian Ambassador to the United States, along with the Indonesian delegation.
As previously known, during the launch of the IPEF on May 23, 2022, the IPEF partner countries agreed on the Statement on Indo-Pacific Economic Framework for Prosperity. In Pillar IV, concerning the Fair Economy, the IPEF partner countries are committed to promoting fair competition by implementing and enforcing effective and robust taxation, anti-money laundering, and anti-bribery regimes in line with existing multilateral obligations, standards, and agreements to curb tax evasion and corruption in the Indo-Pacific region.***
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