BANGKOK, Thailand – This week, U.S. Secretary Gina Raimondo led members of the President’s Export Council (PEC) to Bangkok, Thailand, from March 13 to March 14, 2024, to identify opportunities for the United States and Thailand to strengthen economic relationships across a number of critical issues, including manufacturing, supply chain resiliency, the digital economy, and clean technology.

In addition to bilateral meetings and engagements with stakeholders, including representatives from the semiconductor industry, Raimondo also participated in a virtual Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial with IPEF partners.

During the virtual ministerial meeting on Pillars II-IV, Secretary Raimondo welcomed the significant progress made since the substantial conclusion of the negotiations for the proposed IPEF Clean Economy Agreement, the IPEF Fair Economy Agreement, and Agreement on IPEF in November 2023. The IPEF partners discussed the ongoing cooperative work ahead across the three proposed agreements, and building on that progress, the Department of Commerce published the text of the proposed aforementioned agreements. 

The IPEF partners also discussed next steps to deliver concrete outcomes under the Framework over the next several months. This includes several new lines of effort under the Clean Economy pillar, including the launching of four new Cooperative Work Programs (CWPs), announcing that the inaugural IPEF Clean Economy Investor Forum will be held in Singapore on June 5-6, and providing more details on the IPEF Catalytic Capital Fund. The IPEF partners further announced that the Ministers will next meet in person in Singapore on June 6 to discuss the Supply Chain Agreement, the Clean Economy Agreement, the Fair Economy Agreement, and the Agreement on IPEF.

“The last few days in Thailand were informative and productive, and I believe will help us make important progress to strengthen our bilateral economic relationship with Thailand and with our IPEF partners throughout the region. Members of the President’s Export Council are only traveling on one fact-finding trip this year and we chose to visit Thailand, underscoring the potential we see in Thailand to expand the U.S. commercial presence,” said Secretary Raimondo. “While in the region, I also welcomed the opportunity to participate in an IPEF Ministerial, where we discussed the new IPEF tools available that are going to impact businesses every day, such as strengthening supply chains, removing barriers to investments, building infrastructure, and increasing transparency and predictability. As we move into the next phase of IPEF, we’re laying out a workplan for 2024 and discussing ways to bring in private sector partners into these frameworks. I look forward to keeping the momentum going and building on the progress made this week when we hold our next in-person meeting in Singapore in June.”

Raimondo’s travel to Bangkok followed her leading a delegation of senior executives from 22 prominent U.S. businesses and non-profit organizations on a first-of-its-kind Presidential Trade and Investment Mission to the Philippines. The Mission delivered on President Biden’s commitment during Philippine President Ferdinand R. Marcos Jr.’s May 2023 visit to Washington, D.C., to work together to advance U.S.-Philippines economic ties and internationally recognized labor rights. During the mission, Raimondo announced more than $1 billion in investments in the Philippines from the mission alone.