Prime Minister Anthony Albanese today met with Indo-Pacific Economic Framework (IPEF) Leaders in San Francisco to endorse a comprehensive package of IPEF agreements.
IPEF brings together large and dynamic regional economies, accounting for around 40 per cent of global GDP, and includes eight of Australia's top ten merchandise trading partners.
Australia is a founding member of IPEF, alongside Brunei Darussalam, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Republic of Korea, Singapore, Thailand, the United States and Vietnam.
Prime Minister Albanese and other IPEF Leaders released a joint statement welcoming signature of a first-of-its-kind supply chain agreement and the substantial conclusion of negotiations on a ground-breaking clean economy agreement and an innovative fair economy agreement.
Earlier this week, Minister for Trade Don Farrell signed the IPEF Supply Chain Agreement to support our region’s ability to prepare for and respond to future supply chain shocks.
Australia will continue to work with IPEF members to conclude negotiations on the trade agreement in 2024.
The agreements endorsed by the IPEF Leaders will create a cooperative, principles-based framework that boosts trade and investment in our region.
Leaders endorsed the Agreement on the Indo-Pacific Economic Framework for Prosperity to provide an overarching framework focused on cooperative activities across all agreements, including regular ministerial engagement.
IPEF Leaders also announced a Critical Minerals Dialogue to strengthen collaboration in critical minerals supply chains and to boost regional competitiveness.
For Australia, this will mean using our critical minerals to assist the region in transitioning to clean energy and in turn will create diverse, resilient and sustainable supply chains, building Australia’s capacity and standing as a renewable energy superpower.
These announcements build on the investments the Government has previously made including $25 million to support IPEF developing economy members with technical assistance and capacity building initiatives.
Quotes attributable to the Prime Minister:
“Engagement in IPEF supports our region’s economic architecture, boosting trade, investment and jobs in Australia and our region.
“Australia is investing in IPEF to accelerate trade diversification and deepen economic regional engagement.
“IPEF demonstrates inclusive economic cooperation and what can be achieved when regional partners work together for the common good.”