U.S. Secretary of Commerce Gina Raimondo and ministers from 13 Indo-Pacific Economic Framework for Prosperity (IPEF) partners held their third Ministerial meeting this year to discuss IPEF Pillars II, III, and IV. During the virtual meeting, Secretary Raimondo noted the progress made since the last meeting in Singapore in June 2024. She highlighted steps taken by the partners to build resilient supply chains, transition to clean economies, and level the playing field for businesses.

Secretary Raimondo welcomed the upcoming entry into force of three key agreements: the Clean Economy Agreement, Fair Economy Agreement, and Agreement on IPEF. These will come into effect on October 11 and 12, 2024. "The speed at which the IPEF partners have concluded these high-standard economic cooperation agreements focused on key issues is a testament to the IPEF partners’ commitment to making our economies the best places to do business in the region," said Raimondo.

The ministers outlined actionable next steps and provided direction for future work under these agreements. They agreed to continue monitoring progress and look forward to meetings of the ministerial-level IPEF Council and Joint Commission.

Following a signing ceremony in Singapore on June 6, several countries completed their domestic processes for these agreements. Fiji, Japan, Malaysia, New Zealand, Singapore, and the United States finalized procedures for the Clean Economy Agreement; Fiji, Malaysia, New Zealand, Singapore, Thailand, and the United States for the Fair Economy Agreement; and Fiji, Japan, Malaysia, New Zealand, Singapore, Thailand, and the United States for the Agreement on IPEF.

Discussions also covered progress on operationalizing the Supply Chain Agreement. The partners welcomed Australia and New Zealand completing their domestic approval processes. This brings to ten the number of partners that have finished their procedures.

Regarding clean economy initiatives, funding has been committed through a $48 million green bond project in Vietnam under the IPEF Catalytic Capital Fund. Additionally announced was a Coalition for Emerging Market Infrastructure Investment involving global private sector investors.

On fair economy efforts related to anti-corruption and tax provisions under Pillar IV of IPEF agreements were also discussed. The U.S. detailed several technical assistance initiatives aimed at enhancing transparency and predictability in trade.

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