Economic Diplomacy
Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial
November 14, 2023
On November 13th and 14th (November 14th and 15th JST), the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial was held in San Francisco, U.S., and Ms. KAMIKAWA Yoko, Minister for Foreign Affairs and Mr. NISHIMURA Yasutoshi, Minister for Economy, Trade and Industry, attended the meeting from Japan. The overview of the meeting is as follows:
- The IPEF Ministerial was hosted by the Honorable Ambassador Katherine Tai, United States Trade Representative and the Honorable Gina Raimondo, Secretary of Commerce of the United States of America, and attended by the representatives from Australia, Brunei, Fiji, India (only on the 14th), Indonesia, Malaysia, New Zealand, the Philippines, Republic of Korea, Singapore, Thailand, Vietnam and Japan. At the beginning of the meeting, the U.S. side expressed their welcome to Minister Kamikawa for her attendance at the meeting for the first time since assuming office.
- Discussions at this meeting focused on three areas: Pillar 1 (Trade), Pillar 3 (Clean Economy), and Pillar 4 (Fair Economy) and significant progress was made. In addition, the signing ceremony for Pillar 2 IPEF Supply Chain Agreement, which was substantially concluded at the Ministerial in Detroit in May of this year, was also held. (For more details, please refer to Reference 2 below.)
- Minister Kamikawa stated that Japan would like to continue to actively cooperate toward the early implementation of concrete initiatives under each Pillar. In addition, Minister Kamikawa and Minister Nishimura pledged that the Government of Japan will contribute approximately 10 million U.S. dollars (approximately 1.4 billion yen) to the IPEF Fund, which will be newly launched to advance the transition to Clean Economy as in Pillar 3.
- Furthermore, the progress made in each of these areas at this Ministerial will be reported at the coming leaders’ meeting.
(Reference1) Attendees from countries other than Japan and the U.S. (in alphabetical order)
- Australia: Senator Hon. Don Farrell, Minister for Trade and Tourism
- Brunei Darussalam: Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Minister of Finance and Economy II Fiji: Manoa Seru Nakausabaria Kamikamica, Deputy Prime Minister and Minister for Trade, Cooperatives, and SMEs
- India: H.E. Mr. Piyush Goyal, Minister of Commerce and Industry
- Indonesia: Airlangga Hartarto, Coordinating Minister of Economic Affairs Malaysia: Yb Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry
- New Zealand: Hon. Damien O’Connor, Minister for Trade and Export Growth
- Philippines: Alfredo E. Pascual, The Secretary of the Department of Trade and Industry
- Republic of Korea: Dr. Ahn Duk-geun, Minister for Trade
- Singapore: Gan Kim Yong, Minister for Trade and Industry
- Thailand: Parnpree Bahiddha-nukara, Deputy Prime Minister and Minister of Foreign Affairs
- Vietnam: Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade
(Reference2) Attachment
