WASHINGTON – Yesterday, United States Trade Representative Katherine Tai and Secretary of Commerce Gina M. Raimondo hosted a virtual ministerial as the Biden Administration continues to develop the Indo-Pacific Economic Framework for Prosperity (IPEF). The ministers had positive and constructive discussions and reaffirmed their collective goal to pursue a high-standard and inclusive economic framework through ongoing and intensified engagements.
This framework will advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. IPEF partners are engaged in collective discussions to outline the scope of future engagement on the following pillars: trade; supply chains; clean energy, decarbonization, and infrastructure; and tax and anti-corruption. The Office of the U.S. Trade Representative is leading discussions on the trade pillar and the U.S. Department of Commerce is leading discussions on the other three pillars.
With 14 IPEF partners representing 40 percent of global GDP, this framework will help fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.