Jakarta: The Indo-Pacific Economic Framework (IPEF) was announced by the United States (US) government last year, which was created with the aim of increasing economic cooperation in the region. The US continues to encourage this IPEF through various mechanisms, including the visit of US Trade Representative Ambassador Katherine Tai to the Philippines and Japan last week.
During her visit to the two countries, Ambassador Katherine Tai discussed IPEF, whose negotiations are still ongoing.
"We discussed various matters, including labor standards and an inclusive digital economy," Ambassador Katherine Tai said in a digital press statement on Tuesday, April 25, 2023.
The next round of dialogue from IPEF will be held in Singapore in May.
Ambassador Katherine Tai said, IPEF was designed to address a variety of specific challenges, including supply chains, the climate crisis as well as widening economic inequality in the region.
The unifying theme of IPEF, continued the ambassador, is a stronger, more resilient and inclusive US economy and partners.
"There are 14 countries in this negotiation. It is important to ensure that participation in IPEF reflects diversity," said Ambassador Katherine Tai.
Moreover, there are four key pillars that become the focus of IPEF. First, the connected economy which includes standards in the digital economy, including cross-border data standards and data localization.
Second, a resilient economy, which is a commitment to better anticipate supply chain problems and prevent supply chain disruptions to create a more resilient economy.
The third pillar is a clean economy, in which the US will encourage joint commitments in the field of clean energy and decarbonization.
Fourth, regarding the issue of fair economics, namely the commitment to enact and enforce effective tax regulations, anti-money laundering and anti-bribery in line with multilateral obligations. (Kevin Schreiber)
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