Negotiations kick off for US-led Indo-Pacific Economic Framework
- The six-day meeting in Australia follows a gathering of 14 members of IPEF, which represents 40 per cent of global GDP, according to the US
- Negotiations will centre on four pillars – fair trade, supply chain resilience, infrastructure and clean energy, tax and anti-corruption
Australia, Japan, the United States and other nations on Saturday kicked off their first in-person round of negotiations aimed at setting economic rules and standards in the Indo-Pacific amid China’s growing clout in the region.
The six-day meeting in Australia follows a ministerial gathering involving 14 members of the Indo-Pacific Economic Framework, which represents 40 per cent of global gross domestic product, according to the US government.
The negotiations will centre on four pillars – fair trade, supply chain resilience, infrastructure and clean energy, and tax and anti-corruption. President Joe Biden’s administration has excluded politically sensitive tariff-cutting talks that are traditionally part of free trade agreements.
Under the trade pillar, the members would negotiate commitments in areas such as trade facilitation, which can be improved through simplified customs procedures, and agriculture, which may be facing unjustified export restrictions.
A senior Biden administration official said before the meeting that trade facilitation and agriculture are among areas that seem to have “real consensus.”
IPEF was launched during Biden’s visit to Tokyo in May. The other partners are Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.