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Trade Pillar

In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

This framework will advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through this initiative, the IPEF partners aim to contribute to cooperation, stability, prosperity, development, and peace within the region.  This framework will offer tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.  The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.

The launch began discussions of future negotiations on the following pillars: (1) Trade; (2) Supply Chains; (3) Clean Energy, Decarbonization, and Infrastructure; and (4) Tax and Anti-Corruption.  The IPEF is designed to be flexible, meaning that IPEF partners are not required to join all four pillars.

On September 9, 2022, USTR and IPEF partners issued a ministerial statement outlining the scope of future negotiations for the Trade Pillar.  The Trade Pillar, includes Australia, Brunei Darussalam, Fiji, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Viet Nam.

Through Trade Pillar negotiations the United States seeks to build high-standard, inclusive, free, and fair-trade commitments and to develop new, creative, and economically meaningful approaches to trade policy in the Indo-Pacific region.  Specifically, we endeavor to advance our trade policy goals of resilience, sustainability, and inclusivity by negotiating commitments in the following areas: labor; environment; digital economy; agriculture; transparency and good regulatory practices; competition policy; trade facilitation; inclusivity; and technical and economic cooperation.

The IPEF ministerial statements are available via the links provided below:

 

Next Steps:

IPEF partners have established the scope of negotiations. The United States will work with IPEF partners to schedule negotiating rounds to begin text-based negotiations. Details regarding the timing for future negotiations will be announced at a later date.

Additional Resources:

 

For more information regarding IPEF meetings and announcements, please see here.