About
Indo-Pacific Economic Framework for Prosperity (IPEF)
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched on 23 May 2022 and currently includes 14 partners - Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States and Vietnam. It provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability, and prosperity in the region. Prime Minister Lee Hsien Loong’s intervention at the Leaders’ launch of the IPEF can be found here; with a Leaders’ Statement issued at the launch here.
The IPEF comprises four pillars of cooperation outlined in the Ministerial Statements issued on 9 September 2022, namely Trade, Supply Chain, Clean Economy, and Fair Economy:
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Negotiations on the Agreement for the Trade Pillar are ongoing;
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The Supply Chain Agreement was signed in November 2023, and entered-into-force on 24 February 2024 following ratification by Japan, the US, Singapore, Fiji and India;
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Negotiations on the Clean Economy Agreement were substantially concluded in November 2023;
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Negotiations on the Fair Economy Agreement were also substantially concluded in November 2023.
In addition, IPEF partners have substantially concluded negotiations on an Agreement on the IPEF which will establish an IPEF Ministerial Council as well as a Ministerial Joint Commission.
An IPEF Leaders event was held on 16 November 2023 in San Francisco, US, during which the Leaders announced that they would meet once every two years, launched an IPEF Critical Minerals Dialogue, and agreed to explore additional cooperative initiatives in areas such as energy security, technology and people-to-people ties. Prime Minister Lee Hsien Loong’s remarks at the event can be found here; with the Leaders’ Statement issued at the event here.