In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity, or IPEF, with a dozen initial Partners across the Indo-Pacific.
The Framework seeks to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for the 14 IPEF economies. The Framework will also provide tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit regional workers and consumers.
Since its launch, the IPEF Partners have engaged in intensive discussions to scope out each of the framework's four pillars, coveringTrade;Supply Chains;Clean Economy; andFair Economy respectively.
At the conclusion of the Senior Officials and Ministerial meetings in September 2022, the Partners reached consensus on Ministerial Statements summarizing objectives for each pillar. Text-based negotiations for each of the four IPEF pillars commenced with the first negotiating round in Brisbane in December and have continued since. The IPEF Partners agreed to an aggressive negotiating schedule for 2023 in order to make substantial progress and have since substantially concluded negotiations for Pillar II in May 2023 and substantially concluded negotiations for Pillars III and IV in November 2023.
The Partners
The United States is proud to work with 13 diverse partner countries representing 40 percent of global GDP and 28 percent of global goods and services trade.
The Partners include:
- Australia;
- Brunei Darussalam;
- Fiji;
- India;
- Indonesia;
- Japan;
- the Republic of Korea;
- Malaysia;
- New Zealand;
- Philippines;
- Singapore;
- Thailand; and
- Vietnam.
The United States has deep and expanding economic ties with these Partners: U.S. foreign direct investment in the region totaled more than $969 billion in 2020 and has nearly doubled in the last decade. Trade with the Indo-Pacific supports more than three million American jobs and is the source of nearly $900 billion in foreign direct investment into the United States. Deepening our economic engagement in the region will boost prosperity at home and abroad, creating more jobs and raising standards across the region.
Latest News
September 2024: Virtual Ministerial Meeting
On September 23, 2024, U.S. Secretary of Commerce Gina Raimondo and her 13 IPEF counterparts attended their third Ministerial meeting of the year.
⇒ Read the Press Release:Secretary Raimondo, IPEF Ministers Welcome Upcoming Entry into Force of the Clean Economy Agreement, Fair Economy Agreement, and Agreement on the Indo-Pacific Economic Framework for Prosperity (IPEF) and Commit to Continued Progress at Virtual Ministerial.
