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Indo-Pacific Economic Framework

Overview

The Indo-Pacific Economic Framework (IPEF) is a modern regional arrangement to build cooperation and economic integration in the Indo-Pacific.

On 9 September 2022, Australia joined 13 other IPEF members from across the Indo-Pacific region to launch negotiations across four core pillars of work:

Details on the scope of work to be covered in each pillar were set out in the joint ministerial statements released on 9 September 2022 (links to each statement above).

The formal launch of negotiations on 9 September followed Australia's decision to join IPEF as a founding member on 23 May 2022. The joint statement released at the time of the launch contains further information on the broad ambition of the IPEF initiative.

Australia hosted the first round of negotiations in December 2022 in Brisbane, followed by rounds in New Delhi (February 2023), Bali (March 2023), Singapore (May 2023), Busan (July 2023), Bangkok (September 2023), Kuala Lumpur (October 2023), and San Francisco (November 2023).

IPEF brings together some of the largest and most dynamic regional economies. 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.

IPEF complements and builds on existing regional architecture and free trade agreements to support the global rules-based trading system.

IPEF Supply Chain Agreement

On 14 November 2023, Australia's Trade and Tourism Minister Don Farrell joined Ministers from the 13 other IPEF countries in San Francisco to sign the first-of-its-kind IPEF Supply Chain Agreement to better address modern supply chain challenges. The IPEF Supply Chain Agreement was substantially concluded in May 2023 and entered into force on 24 February 2024.

The IPEF Supply Chain Agreement establishes three new IPEF Supply Chain bodies to enhance cooperation among IPEF partners on supply chain issues:

  • Through the IPEF Supply Chain Council, IPEF partners will develop sector-specific action plans for critical sectors and key goods to enhance the resilience of IPEF supply chains.
  • The IPEF Supply Chain Crisis Response Network will provide an emergency communications channel for IPEF partners during supply chain disruptions to facilitate information sharing and collaboration during a crisis.
  • The IPEF Labor Rights Advisory Board will create a body of representatives from worker groups, employer groups and government, to support the protection of labour rights in supply chains.

The signing of the IPEF Supply Chain Agreement is another step towards greater economic cooperation in the Indo-Pacific and will support further outcomes on trade, the clean economy, tax, and anti-corruption.

The Government is currently progressing the domestic treaty making process necessary to ratify the IPEF Supply Chain Agreement.

Links

IPEF Clean Economy Agreement, IPEF Fair Economy Agreement, and the IPEF Agreement on the Indo-Pacific Economic Partnership for Prosperity

On 6 June 2024, Australia's Trade and Tourism Minister Don Farrell joined Ministers from the 13 other IPEF countries in Singapore to sign the following IPEF agreements:

  • IPEF Clean Economy Agreement, the first regional treaty-level agreement centred around the clean economy, to support the region's transition to net zero;
  • IPEF Fair Economy Agreement, with strong anti-corruption and anti-tax evasion provisions to strengthen transparency and financial integrity in the region; and
  • Agreement on the Indo-Pacific Economic Framework for Prosperity, establishing an IPEF Council and Joint Commission to oversee and monitor the operation of the IPEF agreements.

These three agreements were substantially concluded in November 2023.

The Government will initiate the domestic treaty making processes necessary to ratify  these agreements.

IPEF members have made significant progress on the IPEF Trade Agreement. IPEF members are continuing with these negotiations, with conclusion of large parts of the agreement within sight.

Factsheets

Negotiated Texts

IPEF Critical Minerals Dialogue

On 16 November 2023, Prime Minister Albanese and IPEF Leaders also announced the establishment of an IPEF Critical Minerals Dialogue, which will strengthen regional critical minerals supply chains and reinforce Australia as stable, reliable source of materials to power the energy transition.

The IPEF package enables Australia to work more flexibly with IPEF's dynamic, high-growth economies to respond to our most pressing economic challenges, building on our existing free trade agreements to deepen regional economic engagement.

Links

Submissions

To assist the Australian Government in negotiations on the IPEF, the Department of Foreign Affairs and Trade welcomed submissions from interested stakeholders.

Individuals, groups and organisations were invited to consider and comment on the opportunities and impacts that could arise from a broad-ranging regional economic framework.

Submissions received

Contact and consultations

Stakeholder events have been held in the margins of all IPEF negotiation rounds to date. DFAT continues to hold virtual and in-person stakeholder consultation sessions on IPEF.

For further information on consultations, submissions or questions on the IPEF agenda please contact IPEF@dfat.gov.au.

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