BANGKOK, Aug 17 (TNA) — Thailand is scheduled to host the Indo-Pacific Economic Framework (IPEF) Negotiation Round during September 10-16 at the Shangri-La Hotel in Bangkok.
During the Bangkok Negotiating Round, IPEF Partner Countries will build upon the progress made from the previous round of negotiations in Busan, South Korea, in July 2023 as well as the intersessional meetings over the past months.
According to Thailand’s Ministry of Foreign Affairs’ website, as IPEF Partner Countries have reached the substantial conclusion of the draft Pillar II Agreement as announced during the IPEF Ministerial Meeting in Detroit in May 2023, the negotiations in Bangkok will continue on the draft texts of Pillar I (Trade), Pillar III (Clean Economy), and Pillar IV (Fair Economy) towards the substantial conclusions in due course.
IPEF Partners Countries will also discuss on potential cooperation in tangible benefits projects, aiming to support regional trade and investment opportunity, strengthen supply chains resilience, and enhance standard and competitiveness of Partner Countries.
In addition, a stakeholders’ listening session is scheduled to be held during the Round for relevant stakeholders to share their views and expectations on IPEF cooperation.
IPEF is a regional economic cooperation framework initiated by the United States, which was officially launched on 23 May 2022.
The Framework comprises four pillars of cooperation, namely trade, supply chains, clean economy, and fair economy. IPEF aims to enhance economic, trade and investment cooperation among Partner Countries in the region.
The Framework also supports IPEF Partners’ mutual economic interests and capacity building to face with emerging challenges.
Currently, IPEF consists of 14 Partner Countries, namely Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States and Viet Nam.
The IPEF Partner Countries account for 40 percent of the global GDP, covering around 60 percent of the world population. (TNA)
