Thailand is set to host the 5th round of negotiations for the Indo-Pacific Economic Framework (IPEF) in September. The meeting, which will take place in Bangkok from September 10-16, aims to build on the draft IPEF texts for the four pillars covering trade, supply chains, clean economy, and fair economy.
The IPEF was launched last year in Tokyo by U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida, with Thailand being one of the 14 founding signatories. Other partnership members comprise the United States, Japan, South Korea, Singapore, Vietnam, Australia, Brunei, Fiji, India, Indonesia, Malaysia, New Zealand and the Philippines.
The primary objective of the IPEF is to enhance economic engagement among partner nations and promote growth, peace and prosperity in the region. During the upcoming Bangkok meeting, Thailand will highlight the significance of cooperation on capacity building and technical cooperation. The government will also focus on advancing new technological cooperation, particularly in relation to clean energy, which includes areas such as electric vehicles (EVs), sustainable aviation fuel, circular economy and the carbon market.
The Thai delegation has reaffirmed its commitment to adhere to relevant international standards on anti-corruption and taxation, while considering the diverse domestic laws, regulations and capacities of the IPEF partners.
Thailand also supports the desire of partners to establish a mechanism for addressing the group’s structure and financial support, and has emphasized priority issues that will aid negotiations on trade.
In addition, IPEF Partners have exchanged views on ways to advance cooperation, including the establishment of capacity building and technical assistance mechanisms in order to achieve tangible outcomes. Plans for the next IPEF ministerial meeting have been scheduled for November 2023 in San Francisco, California.
The 5th round of IPEF negotiations in Bangkok is expected to play a crucial role in furthering economic collaboration among the partner countries and laying the groundwork for sustainable growth and prosperity in the Indo-Pacific. (NNT)
