For more information on how these developments may affect your business, please contact Nicole Bivens Collinson at (202) 730-4956 or via email.
IPEF
Following a virtual ministerial meeting this month with its partners in the Indo-Pacific Economic Framework, the U.S. published the texts of the proposed IPEF agreements on clean economy and fair economy. The partners will now undertake their respective domestic processes to prepare for signature of these agreements, which could take place at the next ministerial meeting in June, followed by acceptance, approval, or ratification. The IPEF agreement on supply chain security entered into force Feb. 24 but there has been little progress on the trade pillar.
APEP
At the first meeting of trade ministers under the Americas Partnership for Economic Prosperity March 18 in Washington, participants received a progress update on priorities such as trade facilitation, digitalization of customs procedures, and supply chains in the clean energy, semiconductor, and medical supply chain industries. A joint concluding statement noted that APEP country leaders are expected to hold a summit in 2025 but otherwise gave no indication of a timeframe for moving negotiations forward. U.S. Trade Representative Katherine Tai said she expects much of the ministers’ work will focus on supply chain resilience, which “is about crafting a new approach to trade policy so that we can adapt and rebound with agility, advance workers’ rights and environmental protections, and drive more inclusive economic prosperity.”
Exports
The State Department reports that at the third Summit for Democracy held March 18, Finland, Germany, Ireland, Japan, Poland, and South Korea joined a commitment to work collectively to counter the proliferation and misuse of commercial spyware. This commitment (which was first made in March 2023 by Australia, Canada, Costa Rica, Denmark, France, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, and the U.S.) includes preventing the export of software, technology, and equipment to end-users who are likely to use them for malicious cyber activity.
Korea
Senior trade officials met March 15 for the seventh session of the Joint Committee under the U.S.-Korea Free Trade Agreement. There has been “considerable activity” within the FTA committees since the last session in November 2021, USTR said, though no further details were provided. Discussions also covered the World Trade Organization’s recent ministerial conference, ongoing work under the trade pillar of IPEF, and building resilient supply chains.
European Union
At a meeting of the U.S.-EU Energy Council held March 15, the two sides pledged to “avoid zero-sum competition and distortions in transatlantic trade and investment flows” that could arise from their respective energy policies and incentives. They also emphasized the importance of diversifying and securing supply chains for critical minerals and raw materials.
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