The Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting, chaired by Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, saw the signing of the IPEF Clean Economy Agreement, Fair Economy Agreement, and an overarching Agreement on the IPEF. This significant meeting marked the second IPEF Ministerial Meeting of the year and the first in-person gathering outside the United States since the IPEF’s inception in May 2022.
The IPEF Clean Economy Agreement aims to mobilize investments into sustainable infrastructure projects and climate technology. During the inaugural Clean Economy Investor Forum, 69 sustainable projects worth over US$23 billion were identified, including 20 investment-ready projects valued at approximately US$6 billion.
Additionally, the Clean Economy Agreement introduced three new Cooperative Work Programmes (CWPs): emissions intensity accounting, e-waste urban mining, and small modular reactors (SMRs).
The Fair Economy Agreement includes new technical assistance and capacity building (TACB) initiatives to combat corruption, improve tax transparency, and enhance tax administration. The agreement’s implementation will be supported by a new Catalogue of TACB Initiatives.
Furthermore, Thailand and Malaysia announced their completion of domestic processes to become Parties to the Supply Chain Agreement, increasing the total number of participating IPEF partners to eight. This agreement aims to strengthen supply chain resilience in critical sectors and establish coordination bodies such as the Supply Chain Council, Crisis Response Network, and Labor Rights Advisory Board.
Source – MTI
