Yesterday, Secretary of Commerce Gina Raimondo hosted a virtual Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial. IPEF Ministers welcomed the progress made during the first IPEF negotiating last week in Brisbane, Australia, and thanked Australia for hosting the meetings. The Ministers had productive discussions on the economic benefits of IPEF membership and reaffirmed their collective commitment to pursue an inclusive high-standard economic agreement that will enhance the economic competitiveness of all of the IPEF partners’ economies. In addition, Ministers underscored their shared commitment to continuing the momentum since the launch of IPEF in May and making progress as quickly as possible. The Secretary also welcomed the Government of India’s confirmation that it will host a special IPEF negotiating round on February 8-11 in India for the IPEF Pillars covering supply chains, clean economy, and fair economy (Pillars II-IV). We look forward to sharing more details in the coming weeks.

With 14 IPEF partners representing 40 percent of global GDP, the IPEF seeks to fuel economic prosperity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. U.S. trade with the Indo-Pacific supports more than three million American jobs and is the source of nearly $900 billion in foreign direct investment in the United States. With 60 percent of the world’s population, the Indo‑Pacific is projected to be the largest contributor to global growth over the next 30 years.