Indo-Pacific Economic Framework launches with focus on critical minerals and semiconductors

The partners commit to establishing a framework to advance resilience, sustainability, inclusiveness, and economic growth in the region.

Who it concerns: The agreement involves India, Australia, Brunei Darussalam, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam. It concerns sectors including trade, supply chains, clean energy, infrastructure, tax, and anti-corruption, as well as workers, women, medium- and small-enterprises, and vulnerable groups.

What was agreed

• Launch of collective discussions toward future negotiations on four pillars: Trade, Supply Chains, Clean Energy/Decarbonization/Infrastructure, and Tax/Anti-Corruption.
• Commitment to build high-standard, inclusive, free, and fair trade commitments, including cooperation in the digital economy.
• Commitment to improve supply chain transparency, diversity, security, and sustainability, ensuring access to key raw materials, semiconductors, critical minerals, and clean energy technology.
• Plan to accelerate development and deployment of clean energy technologies to decarbonize economies, in line with Paris Agreement goals.
• Commitment to promote fair competition by enacting and enforcing effective tax, anti-money laundering, and anti-bribery regimes.
• Invitation for additional Indo-Pacific partners to join the framework.

Also in the document

• The framework explicitly includes ensuring access to critical minerals and semiconductors.
• The initiative is designed to be flexible and includes commitments to technical assistance and capacity building.
• The statement was signed in Tokyo on May 24, 2022.