Los Angeles, 10 September 2022 (TDI): Japan’s Minister for Economy, Trade and Industry, NISHIMURA Yasutoshim and the State Minister for Foreign Affairs, YAMADA Kenji, attended the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial. The Ministerial was held from the 8th to the 9th of September in Los Angeles.
Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial
https://t.co/AwCpiL8qw5 pic.twitter.com/fSxqLAwZa3— MOFA of Japan (@MofaJapan_en) September 10, 2022
State Minister YAMADA also held informal talks with all IPEF members individually. The Minister held bilateral meetings with representatives from Australia, Brunei, Fiji, Indonesia, Malaysia, New Zealand, the Philippines, and Thailand.
During their meetings, the Minister discussed various challenges in the Indo-Pacific region, in addition to the IPEF. Moreover, he also affirmed working together with the countries in the future too.
IPEF Ministerial
The first-ever in-person IPEF Ministerial was held in September. It was co-hosted by Ambassador Katherine Tai, United States Trade Representative, and Gina Raimondo, Secretary of Commerce of the United States of America.
Our first in-person meeting has been an undeniable success. This week, 14 countries came together to chart a path forward that will create economic opportunity, improve labor conditions, and promote sustainability for all of our economies. https://t.co/z0NaykZQNn pic.twitter.com/smZBcKN7EQ
— Secretary Gina Raimondo (@SecRaimondo) September 9, 2022
The Ministerial was attended by representatives from Australia, Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, Philippines, Republic of Korea, Singapore, Thailand, Vietnam, and Japan. These nations accord for 40% of the global economy.
During the Ministerial, participants held discussions on trade, supply chains, clean economy, and fair economy.
U.S. President Joe Biden launched this economic initiative during his visit to Japan in May. Previously, the IPEF ministerial was held two times virtually.
Discussion on Trade
The discussion on the trade pillar of the IPEF highlighted different opportunities for cooperation and collaboration between member states. Consequently, it was emphasized that strengthening trade would lead to a more proper economy and progress of member states.
Participants of different countries committed to seeking inclusive, free, fair, and open trade
Furthermore, participants also discussed strengthening partnerships in agriculture, digital economy, environment, and labor.
Discussion on Supply Chain
The participants highlighted the importance of having a well-integrated system for transparent, diverse, secure, and sustainable supply chains. They reaffirmed their commitment to fair, open, and rules-based markets.
Moreover, the participants committed to establishing criteria and increasing resilience and investment in sectors and goods. Additionally, they affirmed strengthening supply chain logistics and enhancing the role of workers in this domain.
The goal of a Clean and Fair Economy
During the 2-day Ministerial, the participants also discussed the importance of a clean economy. Correspondingly, they highlighted the need of accelerating work for greenhouse gas emissions mitigation and climate resilience.
Participants also highlighted the need to produce sustainable livelihoods for member states’ populations.
Therefore, member states emphasized incentives for the clean energy transition. Moreover, they affirmed collaborating for sustainable land, energy, and ocean solutions alongside innovative technology use for greenhouse gas removal.
In the Ministerial, the participants also highlighted working together for a fair economy. This includes recognizing the role of local communities, women, and indigenous people.
Member states affirmed collaborating with each other for anti-corruption policies, tax revival, and capacity building of public and private sectors.
Japan-US Relations:
Japan and the US have enjoyed years of good diplomatic relations. Japan is one of the most important and strategic partners of the US, especially in the economic sector.
Moreover, The US-Japan Alliance is also the cornerstone of U.S. security interests in Asia. Both countries are strengthening their trade relations with a number of new agreements. Moreover, Japan and the US share good bonding in people-to-people relations as well as cultural exchange.
Additionally, both countries affirm looking forward to strengthening these relations within emerging domains of economy and environment.
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