The United States will host an Indo-Pacific Economic Framework (IPEF) ministerial meeting in Detroit May 27
Secretary of Commerce Gina Raimondo and United States Trade Representative Katherine Tai will lead the meeting, according to a May 4 press release, which will provide an opportunity for ministers to review current progress on the framework's four pillars and give direction to negotiators.
“I am pleased that we are maintaining positive momentum and a fast pace on negotiations with our IPEF Partners," Raimondo said in the press release. "Ambassador Tai and I look forward to hosting the IPEF Ministers in Detroit to continue the progress we have made and deepen cooperation in the region on our shared economic priorities."
Raimondo and Tai will be leading the meeting, the release reports,
The Detroit meeting is an important milestone as it marks one year since the IPEF was officially launched in Tokyo in May 2022, according to the release. This meeting will take place shortly after IPEF partners, including the United States, participate in the third negotiating round in Singapore from May 8-15. In September 2022, the IPEF partners released ministerial statements and negotiating objectives for the four pillars: Trade, Supply Chains, Clean Economy, and Fair Economy.
“Over the last year, the United States and our IPEF partners have made tremendous progress in developing a robust framework that will deliver inclusive, meaningful benefits for all of our citizens,” Tai said, according to the release. “I look forward to hosting trade ministers in Detroit as we build on this momentum and negotiate a 21st-century trade framework that addresses today’s pressing challenges.”
The IPEF works to advance competitiveness, resilience, fairness, sustainability, economic growth and inclusiveness for the 14 participating economies, according to the IPEF website. Tangible benefits from the Framework will fuel economic activity and investment, promote inclusive and sustainable economic growth and benefit consumers and workers across the region.
