The fifth round of talks for the Indo-Pacific Economic Framework (IPEF) will take place in Thailand in September. The IPEF strives to increase economic engagement between member countries and foster regional growth. Main Points
The fifth round of the Indo-Pacific Economic Framework (IPEF) negotiations will take place in Thailand in September with the goal of advancing draft texts for trade, supply chains, a clean economy, and a fair economy.
Enhancing economic involvement among partner countries in the Indo-Pacific region and fostering growth, peace, and prosperity are the main goals of the IPEF.
During the upcoming IPEF meeting, Thailand will concentrate on expanding new technology cooperation, notably in the fields of clean energy, including electric vehicles, sustainable aviation fuel, the circular economy, and the carbon market.
The discussion during the Bangkok meeting will center on supply chains, trade, a healthy economy, and economic justice. Thailand will emphasize the value of technical and capacity-building cooperation, notably in the field of sustainable energy.
The nation is dedicated to upholding international tax and anti-corruption norms. The talks will be extremely important for advancing economic cooperation in the Indo-Pacific.
India signed the US-led Indo-Pacific Economic Framework (IPEF), which envisions an open, inclusive, integrated, and secure Indo-Pacific for the region’s sustainable prosperity, on May 23, 2022, along with 12 other nations. India aspires to deepen economic engagement with partners in a free, open, and inclusive way because it views this framework as essential for the continuation of progress, peace, and prosperity in the Indo-Pacific region.
The US has underlined that the new framework, which is seen as an economic complement to the US Indo-Pacific strategy, is not a Free Trade Agreement (FTA).
Instead, it is a loose framework that unites 13 nations to create regulations in areas of critical importance, such as the digital economy, dependable supply chains, clean economic growth, corporate accountability, and anti-corruption.
Therefore, it is possible to objectively interpret the IPEF framework as an attempt by the US to increase its regional influence and restrain China’s enormous impact. However, because to a lack of information, there has been significant conjecture that the IPEF is purely geopolitical theater.
The majority of IPEF members are also participants in the Regional Comprehensive Economic Partnership (RCEP), an Asia-Pacific trade agreement that will further their economic integration with China. They are also a part of China’s Belt and Road Initiative (BRI), which aims to invest in regional connectivity and infrastructure that facilitates trade.
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SOURCE: http://thailand-business-news.com
