Jakarta (ANTARA) - The Indo-Pacific Economic Framework (IPEF) is a new initiative for increasing economic cooperation to achieve prosperity and stability in the region, Coordinating Minister for Economic Affairs, Airlangga Hartarto, said here on Friday.

"IPEF is a response to current conditions, where all countries must cooperate to create stability, prosperity, welfare, and justice development in the Indo-Pacific region," he added.

Hartarto led the Indonesian delegation at the ministerial meeting of the Indo-Pacific Economic Framework in Los Angeles, the US, which was held from September 8-9, 2022. The event was opened by United States Trade Representative (USTR), Ambassador Katherine Tai, and US Secretary of Commerce, Gina Raimondo.

IPEF is a US initiative launched by US President Joe Biden on May 23, 2022, in Tokyo, Japan. The Indonesian Trade Minister, representing President Joko Widodo, joined the launch virtually.

The 14 participating countries in IPEF are the US, Australia, Fiji, India, Japan, South Korea, New Zealand, Brunei Darussalam, the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam.

According to the minister, the IPEF forum will raise global-level discussions on four pillars that pose economic challenges for almost all countries in the Indo-Pacific region, namely trade; supply chain; infrastructure, clean energy, and decarbonization; and tax and anti-corruption.

Hartarto said he believes that Indonesia's participation in the IPEF is crucial as it looks for support from partner countries for its G20 presidency and the 2023 ASEAN chairmanship.

Furthermore, Indonesia expects that the commitments produced at IPEF will complement others established at multilateral forums, he added.

"Collaboration among all countries is needed to realize a mutual symbiosis that supports economic growth and clean economy sustainability," he said.

During the IPEF, he also held bilateral meetings with several ministers, including the US Secretary of Commerce, Raimondo; Japanese Minister of Economy, Trade and Industry (METI), Nishimura Yasutoshi; and New Zealand Trade and Export Growth Minister Damien O’Connor.

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Translator: Agatha V, Kenzu T
Editor: Suharto
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