Joe Biden, President of America.
The Indo-Pacific Economic Framework (IPEF) General Conference has started in San Francisco. US President Joe Biden said that its 14 members have reached consensus on three important initiatives related to supply chain, clean energy transition and clean economy. This step will help them set top standards, move towards transparency, inclusivity and innovation.
These countries are members of IPF
IPEF includes Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam. It was started in May 2022 on the initiative of Biden. India was represented by Commerce and Industry Minister Piyush Goyal at the IPEF ministerial-level meeting here. Biden said at a special event organized for IPEF countries on Thursday, “Frankly, the United States and my colleagues want to be the top nation among all nations and in the Indo-Pacific in terms of standards, transparency, inclusivity and innovation.” But there is a competition going on to take it.
Biden announced consensus on three issues
The President of the United States said, “Together we are building a better future, where workers get a fair shot and their fair share, where high standards and sustainable growth prevail, where we harness the full power of our people.” And will utilize the potential.” He said that (IPEF) partner countries still have more work to do, although so far they have made substantial progress. Biden said, “Today, we are announcing progress on the important initiative that we proposed here with our 13 partners.” He said that IPEF has reached consensus on three issues. “First, we signed a first-of-its-kind supply chain agreement to help identify supply chain bottlenecks,” President Biden said. “Second, we signed an agreement to accelerate the clean energy transition in the Indo-Pacific region.” Biden said, “Third, we have tackled corruption and reformed the tax system.” Have entered into an agreement on reforms to ensure that our trade and investments are clean and transparent
Focus on private investment
The main focus of IPF is on mobilizing private investment. “As I’ve said, we have more work to do,” Biden said. We have made progress on high-standard trade rules, including strong labor and environmental standards. Biden said government investment is not enough and steps need to be taken to mobilize private investment. At the same event, Japanese Prime Minister Kishida Fumio said that the IPEF talks have made significant progress. “Japan attaches importance to IPEF,” he said.
From a strategic perspective to strengthening the economic order in the Indo-Pacific, IPEF reflects the United States’ active commitment to the region and we welcome the responsible stance taken by the United States. It is an essential framework for the region’s sustainable economic development, designed to accurately reflect today’s needs.’ (Language)
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