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

This statement, signed by 13 Indo-Pacific nations including India and the United States, announces the launch of the Indo-Pacific Economic Framework for Prosperity. The partners commit to establishing a framework to advance resilience, sustainability, inclusiveness, and economic growth in the region.

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.

• 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.

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