At the Ministerial-Level Indo-Pacific Economic Framework for Prosperity (IPEF) meeting in Singapore, partners signed agreements on Clean Economy, Fair Economy, and the IPEF Agreement. US Trade Secretary Gina Raimondo, with 22 American companies, joined the inaugural Clean Economy Investor Forum, where USD 23 billion worth of priority projects for sustainable infrastructure investment in the region was announced. President Biden's vision of a new economic engagement framework in the Indo-Pacific is becoming a reality. With the signing of the Clean Economy, Fair Economy, and IPEF Agreements, as well as progress on the Supply Chain Agreement, the partners are entering a new phase of collective action and tangible outcomes for their economies. The signing ceremony for the Clean Economy and Fair Economy Agreements, along with the IPEF Agreement, took place on June 6th. Partners also discussed further steps to advance efforts based on each agreement, committing to assess progress at the next virtual Ministerial-Level meeting in September 2024.
The inaugural Clean Economy Investor Forum brought together stakeholders from the US and Indo-Pacific regions to gain insights, build networks, strengthen strategies, and identify funding opportunities. This forum, along with the Catalytic Capital Fund, exemplifies the innovative tools formed under IPEF to mobilize climate investment and encourage sharing of expertise. Secretary Raimondo announced that the IPEF Skills Enhancement Initiative, launched with The Asia Foundation, surpassed its target of seven million skills enhancement opportunities. These opportunities, provided to developing and middle-income IPEF partner countries, include digital skills training for women and girls. The momentum generated by the Ministerial-Level meeting and Investor Forum showcases the potential of IPEF to deliver tangible benefits through economic cooperation. The commitment to building on this progress at the next meeting in September reflects the dedication to fostering sustainable economic growth and development in the Indo-Pacific region.
