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US/Indo-Pacific Economic Framework outlined

The fourteen partner countries of the US/Indo-Pacific Economic Framework have outlined the four pillars for a successful agreement. US Trade Representative Katherine Tai and Secretary of Commerce Gina Raimondo hosted the first official in-person Ministerial meeting last week.

As part of the Trade Pillar, USTR Tai says there is an emphasis on food security and agriculture.  “We can increase food security, and help our farmers, ranchers and fishers expand access to markets throughout the region,” she says.  “By using science-based practices and optimizing land, water and fuel use.”

Tai says the framework will be a model for the rest of the world to follow.  “It will unlock enormous economic value for a region,” she says.  “And we will continue developing these pillars with input and discussion from our stakeholders our trading partner, and our Congress.”

Pillar II focuses on the Supply Chain as the countries will work to coordinate actions to mitigate and prevent future supply chain disruptions. Pillar III focuses on Clean Energy, as the countries look to expand investment opportunities, spur innovation. Pillar IV focuses on a Fair Economy to level the playing field for businesses and workers within partner countries. 

The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and service trade.