The U.S. will look to advance a broad trade initiative with a dozen trading partners when it hosts the first in-person ministerial meeting under the Indo-Pacific Economic Framework Sept. 8-9 in Los Angeles.
Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam are the current participants in the IPEF, though others could join in the future. The Office of the U.S. Trade Representative has said that IPEF participants will seek to establish enforceable, high-standard commitments in the following areas.
- digital economy and e-commerce, including cross-border data flows, data localization, online privacy, and discriminatory and unethical use of artificial intelligence
- labor and environment issues and corporate accountability
- supply chain resiliency, including establishing an early warning system, eliminating bottlenecks in critical mineral supply chains, improving traceability in key sectors, and coordinating on diversification efforts
- accelerated implementation of the WTO Trade Facilitation Agreement
- facilitating agricultural trade through science-based decision-making and sound, transparent regulatory practices
- clean energy, decarbonization, energy efficiency standards, infrastructure, and methane emissions
- enforcement of effective tax, anti-money laundering, and anti-bribery regimes that include provisions on the exchange of tax information, criminalization of bribery in accordance with UN standards, and effective implementation of beneficial ownership recommendations
Tariff liberalization is not on this list, but USTR Katherine Tai has said that that’s because the value “left to be unlocked in the global economy right now” is in the areas outlined above. Commerce Secretary Gina Raimondo has added that even without lower tariffs there will be “a very concrete benefit to countries in the region” for collaborating with the U.S. and each other on these issues.
At the upcoming ministerial participants will continue discussions initiated in virtual meetings earlier this year on what IPEF will ultimately cover and the commitments it will include. USTR said more details about this meeting will be announced later.
For more information on IPEF, please contact Nicole Bivens Collinson at (202) 730-4956 or via email.
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