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U.S. Secretary of Commerce announced a substantial conclusion of negotiations of the Clean Economy Agreement and the Fair Economy Agreement of the Indo-Pacific Economic Framework for Prosperity (IPEF), and signed the Pillar II Supply Chain Agreement on November 16th. This significant move is intended to strengthen economic ties and address shared challenges within the Indo-Pacific region.

The recent developments regarding IPEF have been meticulously detailed by the Department of Commerce. According to a fact sheet published by the Department of Commerce, the conclusion of the Indo-Pacific Economic Framework for Prosperity (IPEF) Pillars III and IV occurred at the IPEF Ministerial meeting in San Francisco. The IPEF Clean Economy Agreement aims to expand the pipeline of bankable climate infrastructure projects in emerging and upper-middle income economies. The Private Infrastructure Development Group (PIDG) will administer the fund and mobilize private capital through later-stage support. The IPEF partners are also launching an IPEF Clean Economy Investor Forum to catalyze investment in sustainable infrastructure and climate technology across IPEF economies. The inaugural forum will bring together the region's largest investors, innovative start-up entrepreneurs, and project proponents with IPEF Ministers and government agencies for matchmaking and investment facilitation. An open call for startups and small-and-medium-sized businesses is forthcoming.

Reflecting on these advancements, Secretary Raimondo underscored their significance in a recent press release. "Our announcements today are a direct result of President Biden’s leadership and show the common ground we can find if we work with like-minded partners to get the right people to the table and engage in meaningful, consistent dialogue," said Secretary Raimondo in a press release from the Department of Commerce. "IPEF is an economic initiative establishing a framework through which we can deepen our economic engagement and work together to address shared economic challenges. Our commitments and collective actions under these agreements will deliver tangible economic benefits to the United States and our 13 IPEF partners. I’m pleased with everything that we have accomplished already, and in record time, but this is only the beginning. Our agreements are envisioned to continue delivering concrete economic progress for the United States and for our partners."

Meanwhile, other significant strides were made under the Fair Economy Agreement as outlined by the Department of Commerce. According to a fact sheet posted by the Department of Commerce, under the U.S. Fair Economy Agreement, the U.S. Department of State has launched a regional anti-corruption hub in Southeast Asia. This is led by the United Nations Office on Drugs and Crime (UNODC), to identify and address gaps in regional UNCAC implementation. Funded by the State Department Bureau of International Narcotics and Law Enforcement Affairs (INL), UNODC will direct the hub to implement standards that support the IPEF Fair Economy Agreement. Additionally, the INL has funded a separate program with UNODC to strengthen anti-corruption capabilities, facilitating three or four anti-corruption convenings over the next two years. These workshops aim to enhance practitioners' understanding, identify common challenges, strengthen cooperation among IPEF partners and stakeholders, and develop follow-on activities at the national and international level to support the Fair Economy Agreement's anti-corruption objectives.