Since President Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) two years ago, the United States and 13 other IPEF partners have worked to deepen long-term regional economic engagement. Over this period, these partners have progressed from a vision to three innovative economic cooperation agreements.
At the Ministerial meeting in Singapore on June 6, 2024, their fourth in-person meeting, Secretary Raimondo and other IPEF partners highlighted significant progress since November 2023. A signing ceremony was held for the Clean Economy Agreement, Fair Economy Agreement, and the Agreement on IPEF. The partners emphasized transitioning from negotiating agreements to pursuing sustained cooperation to realize concrete economic benefits.
Announcements from the June 2024 Ministerial meeting and inaugural Clean Economy Investor Forum showcased ways the IPEF agreements can deliver tangible benefits now and in the future. Continued focus on concrete actions aims to ensure strong results.
**The IPEF Supply Chain Agreement:** Since its entry into force, partners have quickly established three bodies under this agreement. This cooperation targets strengthening supply chains across critical sectors of shared interest to promote competitiveness and resilience while empowering workers and promoting labor rights within regional supply chains.
**The IPEF Clean Economy Agreement:** Partners are using a cooperative work program (CWP) mechanism for ongoing cooperation on shared priorities. Additionally, a financing framework will help mobilize sustainable financing consistent with labor rights and environmental protections. These efforts aim to create pathways towards clean economies.
**The Fair Economy Agreement:** Technical assistance and capacity building (TACB) are critical in enhancing market transparency and predictability as envisioned under this agreement. At the June Ministerial meeting, support was shown for creating a Catalogue of Technical Assistance and Capacity Building Initiatives for TACB programming related to anti-corruption, tax administration, and labor rights protection.
Promoting Labor Rights: The United States plans to convene a Labor Networks Discussion with IPEF partners, labor stakeholders, and employer stakeholders in August in the region. This aims to sustain progress on labor-related issues discussed within the three agreements.
Going Forward: The IPEF partners remain focused on ensuring long-term success by operationalizing four agreements with positive outcomes for domestic stakeholders. They will expedite domestic processes for entry into force of all agreements while committing to establishing key bodies under the Supply Chain Agreement soon.
