Thailand is due to hold the 5th Indo-Pacific Economic Framework’s (IPEF) Negotiation Round, from September 10-16, according to an informed source.
Thailand is one of the 14 founding signatories to the IPEF, which was launched last year in Tokyo by President Joe Biden and Japanese Prime Minister Fumio Kishida. The IPEF comprises four pillars: trade, supply chain, clean economy and a fair economy.
The Bangkok meeting will build on the draft IPEF texts on the four pillars, as well as further legal scrubbing sessions for the Pillar II (Supply Chain) draft text.
Other members include the US, Japan, South Korea, Singapore, Vietnam, Australia, Brunei, Fiji, India, Indonesia, Malaysia, New Zealand and the Philippines.
The IPEF is aimed at strengthening economic engagement among partner countries, with the goal of advancing growth, peace and prosperity in the region.
According to the informed source, during the Bangkok meeting, Thailand will emphasise the importance of cooperation on capacity building and technical cooperation. In addition, the government will focus on the application of new technological cooperation, particularly related to the Clean Economy Pillar, such as EVs, sustainable aviation fuel, circular economy and the carbon market.
Thailand, according to the source, also supports the IPEF partners’ desire to establish a mechanism to address the group’s structure and financial support and stressed prioritised issues that will support the negotiations on the Trade Pillar.
In addition, despite the current political situation, the Thai delegation has reaffirmed its commitment to the relevant international standards on anti-corruption and taxation, while considering IPEF partners’ diverse domestic laws, regulations and capacities.
The IPEF Partners also exchanged views on ways to advance cooperation, including the establishment of capacity building and technical assistance mechanisms for tangible outcomes, as well as plans for the next IPEF ministerial meeting, scheduled to be held in November 2023 in San Francisco.
