Today, (14 March 2024), H.E. Mr. Parnpree Bahiddha-Nukara, Deputy Prime Minister and Minister of Foreign Affairs of Thailand and The Honorable Gina M. Raimondo, U.S. Secretary of Commerce, co-hosted the Indo-Pacific Economic Framework (IPEF) Virtual Ministerial Meeting at the Ministry of Foreign Affairs with the virtual participation of Ministers and high-level representatives of other 12 IPEF Partner Countries.

The Meeting discussed significant progress made under IPEF, especially the entry into force of IPEF Pillar II Agreement on Supply Chain Resilience on 24 February 2024 and the recent conclusion of the negotiations of draft Agreements on Pillar III (Clean Economy) and Pillar IV (Fair Economy), as well as the draft Overarching IPEF Agreement to establish mechanisms to oversee IPEF cooperation across all Pillars, in order for the IPEF Partner Countries to undertake domestic process towards the signing of the three Agreements.

The Meeting also discussed the work plans for IPEF cooperation in each Pillar, including the establishment of Pillar II Supply Chain bodies, Cooperative Work Programs for Pillar III on carbon market, hydrogen, clean electricity, sustainable aviation fuel, just transition, as well as capacity building framework on anti-corruption and tax transparency under Pillar IV.

IPEF Ministers then deliberated on progress related to the establishment and grant funding of IPEF Catalytic Capital Fund and the preparation for Clean Economy Investor Forum that will mobilize funding for clean economy infrastructure projects. The Forum will be held in Singapore between 5-6 June 2024, in parallel with the next IPEF Ministerial Meeting on 6 June 2024.

On this occasion, the Deputy Prime Minister and Minister of Foreign Affairs welcomed the progress made, especially on the successful finalization of the three draft IPEF Agreements, which sends a strong message to financial markets and investors on the shared commitments towards greener and fairer economy. He emphasized on the prompt implementaion of Pillar II Agreement, which would further strengthen global and regional supply chain for key industries, including green mobility, digital economy, and medical services. In addition, he expressed Thailand’s support of public-private partnership through several IPEF initiatives, including IPEF Catalytic Capital Fund and Clean Economy Investor Forum, in which Thailand will actively participate and work closely with other Partner Countries.

IPEF is the regional economic cooperative framework initiated by the U.S. in May 2022. Fourteen IPEF Partners consist of Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the U.S., and Viet Nam. The Framework aims to enhance trade and investment opportunities that will lead to inclusive and sustainable regional economic growth. This Meeting marks as the first ministerial-level meeting for IPEF this year and also the first IPEF ministerial meeting held outside the U.S.