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Indo-Pacific Economic Framework

  • IPEF Leaders
  • U.S. Secretary of Commerce Gina Raimondo signs the IPEF Supply Chain Agreement on November 14, 2023 in San Francisco, CA
  • Ministers at IPEF

In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity, or IPEF, with a dozen initial Partners across the Indo-Pacific. IPEF is part of the Biden Administration's commitment to strengthening ties with allies and partners and tackling 21st-century economic challenges in the Indo-Pacific region.

The Framework seeks to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for the 14 IPEF economies. The Framework also will provide tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. 

Since its launch, the IPEF Partners have engaged in intensive discussions to scope out each of the four pillars of the Framework, covering Trade; Supply Chains; Clean Economy; and Fair Economy respectively.

At the conclusion of the Senior Officials and Ministerial meetings in September 2022, the Partners reached consensus on Ministerial Statements summarizing objectives for each pillar. Text-based negotiations for each of the four IPEF pillars commenced with the first negotiating round in Brisbane in December and have continued since. The IPEF Partners agreed to an aggressive negotiating schedule for 2023 in order to make substantial progress and have since substantially concluded negotiations for Pillar II in May 2023 and substantially concluded negotiations for Pillars III and IV in November 2023.

The Partners

The United States is proud to work with 13 diverse partner countries representing 40 percent of global GDP and 28 percent of global goods and services trade.

The Partners include:

  • Australia;
  • Brunei Darussalam;
  • Fiji;
  • India;
  • Indonesia;
  • Japan;
  • the Republic of Korea;
  • Malaysia;
  • New Zealand;
  • Philippines;
  • Singapore;
  • Thailand; and
  • Vietnam.

The United States has deep and expanding economic ties with these Partners: U.S. foreign direct investment in the region totaled more than $969 billion in 2020 and has nearly doubled in the last decade. Trade with the Indo-Pacific supports more than three million American jobs and is the source of nearly $900 billion in foreign direct investment into the United States. Deepening our economic engagement in the region will boost prosperity at home and abroad, creating more jobs and raising standards across the region.

Latest News

March 2024: Texts Made Public

On March 14, 2024, the U.S. released the final texts for the Clean Economy Pillar, Fair Economy Pillar, and Agreement of Indo-Pacific Economic Framework for Prosperity (Overarching Agreement).

⇒ Read the IPEF Pillar III: Clean Economy Final Text

⇒ Read the IPEF Pillar IV: Fair Economy Final Text

⇒ Read the IPEF Agreement on IPEF Final Text 

March 2024: Virtual Ministerial Meeting

On March 14, 2024, U.S. Secretary of Commerce Gina Raimondo and her 13 IPEF counterparts attended a virtual Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting.

⇒ Read the Press Statement for the Supply Chains Pillar, Clean Economy Pillar, Fair Economy Pillar, and Agreement of Indo-Pacific Economic Framework for Prosperity Overarching Agreement)

February 2024: Entry into Force of the IPEF Supply Chain Agreement

The Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement Relating to Supply Chain Resilience, generally referred to as the Supply Chain Agreement, entered into force on February 24, 2024. This is a critical step in bringing the landmark, first-of-its-kind agreement into action and promoting coordination among the IPEF partners on building resilient, efficient, productive, sustainable, transparent, diversified, secure, fair, and inclusive supply chains.