Indo-Pacific group agrees on clean, fair economy targets

A group of countries formed to counter China's rising influence in Asia agreed Thursday to promote investments in decarbonization and to aim for economic fairness.

Ministers from the 14-country Indo-Pacific Economic Framework for Prosperity signed statements setting out goals for clean and fair economies in the region.

Member countries including Japan, the US and India had formed a consensus on the targets in November 2023.

The clean economy pact targets member country investments of at least 120 billion dollars in renewable energy and power storage.

The "fair economy" accord sets a goal of preventing corruption.

Member countries had previously signed an agreement to protect supply chains for important materials in the region.

The group has said it will also seek an accord on trade.

Prospects for negotiations on such a trade deal may depend on the outcome of the US presidential election set for November.