The U.S. Division of Commerce (Commerce) joined the particular negotiating spherical for the Indo-Pacific Financial Framework for Prosperity (IPEF) in New Delhi, India, from February 8-11, 2023. The spherical was hosted by India’s Ministry of Commerce and Trade and coated IPEF Pillars II (Provide Chains), III (Clear Economic system), and IV (Honest Economic system).
The U.S. delegation was led by Sharon H. Yuan, Division of Commerce Counselor and Chief Negotiator for IPEF, and included representatives from the Departments of Agriculture, Commerce, Power, Homeland Safety, Labor, State, Transportation, and Treasury; the Workplace of the USA Commerce Consultant; and the Nationwide Safety Council.
Roughly 300 officers from the USA, Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam have been in attendance.
Constructing on the discussions that happened in the course of the earlier spherical in Brisbane, Australia, in December 2022, the U.S. delegation efficiently led in-depth text-based discussions of the three pillars in New Delhi. The IPEF Companions engaged in a productive change of concepts and suggestions and agreed to proceed working intensively within the interval forward with a purpose to make additional progress in every of the three pillars. The IPEF Companions reaffirmed their commitments to persevering with collaboration to expeditiously conclude agreements that embrace high-standard outcomes and ship concrete advantages to reinforce a shared imaginative and prescient for financial competitiveness and prosperity of their respective economies.
As a part of its engagement and transparency efforts, the USA hosted a digital stakeholder listening session with roughly 90 individuals from throughout U.S. civil society, labor, and enterprise, in addition to engaged skilled workers from related Congressional committees, prematurely of the particular negotiating spherical. Moreover, on the margins of the negotiating spherical, the U.S. delegation engaged all kinds of stakeholders together with with workers from the Senate Finance Committee and Home Methods and Means Committee in attendance. The U.S. delegation additionally participated in an in-person stakeholder listening session with Indian and U.S. stakeholders co-hosted by Commerce and India’s Ministry of Commerce and Trade. Commerce is dedicated to transparency in the course of the growth and implementation of the Biden-Harris Administration’s financial agenda and can proceed to offer common updates and briefings to stakeholders and Congress as negotiations progress.
Following the September convening of the IPEF Ministerial assembly in Los Angeles, Commerce and USTR launched ministerial statements for Pillars I, II, III, and IV. The IPEF is comprised of 4 pillars that collectively comprise a framework that represents a shared imaginative and prescient for an open, related, affluent, and resilient Indo-Pacific area.
IPEF Associate engagement will proceed and particulars on the following in-person negotiating spherical are forthcoming.
For extra data on IPEF, please go to here.