IPEF nations concur on 'clean' and 'fair' economy

The Indo-Pacific Economic Framework for Prosperity ministerial meeting is wrapping up and the participants are likely to reach consensus on two areas. One of these is the "clean economy" concept, aimed at promoting investments to enable carbon neutrality.

Negotiators from the 14 member states, including Japan, the US and India, met on the second day of talks in San Francisco.

IPEF members aim to boost ties in four economic areas to counter China's efforts to expand its influence in the region.

As for the clean economy, sources say a new fund will be established to help emerging countries achieve decarbonization. The US, Japan and Australia will each provide about 10 million dollars in financial assistance.
IPEF participants are also expected to reach a broad agreement on the topic of "fair economy," including anti-corruption measures.

Japan's Minister of Economy, Trade and Industry Nishimura Yasutoshi expressed hope that Japanese companies will have a number of opportunities based on the agreements.
He said, "These countries with large, young populations should be called the world's growth center. And as these countries grow, the Japanese economy will also expand in a win-win relationship."

Sources say the IPEF members are expected to finalize the decisions on these two topics at a summit this week.

On the first day of the ministerial talks, the negotiators failed to reach a broad agreement on key issues regarding trade.

They largely settled negotiations on supply-chain security at a meeting in May.