The government has approved the Indo-Pacific Economic Framework (IPEF) to serve as a foundation for the Bio-Circular-Green (BCG) economic model by promoting balanced and sustainable economic growth.
Government Spokesperson Anucha Burapachaisri disclosed that the Cabinet recently approved a draft of the negotiation framework for the IPEF as a guideline for determining Thailand’s stance and cooperation under the framework. This included ratification of four IPEF Ministerial Statements dated September 8-9, 2022. It also includes the formation of a committee to push the implementation of the IPEF framework by the Ministry of Foreign Affairs and related agencies tasked with following up on relevant measures under the framework.
A draft of the negotiation framework for IPEF consists of four cooperation pillars comprising Trade, Supply Chain, Green Economy and Fair Economy. The goal is to reap the greatest benefits and foster cooperation among nations in order to achieve their goals in various fields.
The government spokesperson noted that IPEF negotiations are Indo-Pacific economic cooperation negotiations, which are different from free trade agreements and do not involve market access issues. The negotiations will instead focus on strengthening and connecting supply chains between Thailand and partner countries in the region, clean and environmentally friendly economic development, and cooperation on anti-corruption and transparent tax management.
In addition, cooperation under the IPEF is in line with Thailand’s economic development guidelines. Furthermore, the IPEF will enhance the implementation of international obligations in multilateral frameworks, address new challenges, and prepare Thailand to negotiate high-standard trade agreements in the future.
The IPEF is a framework for economic cooperation proposed by the United States that currently involves 14 regional participants, including Thailand. (NNT)
