This week, U.S. Secretary of Commerce Gina Raimondo traveled to Singapore to participate in the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting, where the IPEF partners signed the Clean Economy Agreement, Fair Economy Agreement, and the Agreement on IPEF – and advanced progress on those agreements, as well as the Supply Chain Agreement, which entered into force in February. The Secretary welcomed the next Ministerial meeting, which will be held virtually in September 2024. Additionally, Raimondo, along with 22 American companies, participated in the inaugural IPEF Clean Economy Investor Forum, where the IPEF partners announced $23 billion in priority projects for consideration to accelerate sustainable infrastructure investments in the region.

“Two years ago, the President launched IPEF with the vision of creating a new framework for economic engagement in the Indo-Pacific that would deepen our ties with the region and support economic growth. Today, as we sign the Clean Economy Agreement, Fair Economy Agreement, and Agreement on IPEF and continue to collaborate through the innovative IPEF tools we’ve created, it is clear that the President’s vision has become a reality. This is a new phase of IPEF where the partners are focused on collective actions and concrete results that will benefit our economies,” said U.S. Secretary of Commerce Gina Raimondo.

U.S. Secretary of Commerce Gina Raimondo

“At the Clean Economy Investor Forum, we announced $23 billion of investment opportunities for sustainable infrastructure projects in the region; we surpassed our IPEF Upskilling Initiative commitment of providing 7 million training and education opportunities in digital tools; and we launched the IPEF Catalytic Capital Fund, which is now operational and provides project preparation support to expand the pipeline of bankable climate infrastructure projects. And this is just the beginning of the benefits that will flow from IPEF and demonstrates how IPEF can deliver concrete benefits through this new model for economic cooperation. I’m excited by the momentum coming out of this Ministerial meeting and Investor Forum, and I look forward to building on this progress as we look ahead to our next meeting in September.”

IPEF Ministerial Meeting

Today, the IPEF partners held a signing ceremony for the Clean Economy and Fair Economy Agreements, as well as the Agreement on IPEF. The partners also participated in their fourth in-person Ministerial meeting, and welcomed the progress made by the partners under Pillars II, III, and IV. They also outlined a series of next steps to take the work forward under each of the agreements, including that the Ministers would assess further progress at their next virtual Ministerial meeting in September 2024. The IPEF partners last met in-person in November 2023, where they concluded negotiations for the Clean Economy Agreement, the Fair Economy Agreement, and the Agreement on IPEF, as well as held a signing ceremony for the Supply Chain Agreement.

The IPEF Clean Economy Investor Forum

The IPEF partners convened a diverse set of stakeholders from across the United States and the Indo-Pacific region for the inaugural IPEF Clean Economy Investor Forum to gain market insights, make industry and government contacts, solidify business strategies, and identify funding opportunities, in furtherance of the goals of the Clean Economy Agreement. At this first-of-its-kind event, the IPEF partners highlighted $23 billion in sustainable infrastructure projects in the IPEF economies. The inaugural Forum, like the Catalytic Capital Fund, is just one of the innovative tools established under IPEF, and in this instance the Clean Economy Agreement, to further mobilize climate investment to the region and promote the sharing of expertise and good practices on scaling up clean investments.

IPEF Upskilling Initiative Surpasses 2032 Goal of Providing 7 Million Upskilling Opportunities

In addition, Raimondo also announced that the Department of Commerce’s IPEF Upskilling Initiative, which was launched two years ago in partnership with The Asia Foundation, surpassed its 2032 goal of 7 million upskilling opportunities by U.S. companies participating in the Initiative through training and education in digital skills for the IPEF emerging economies and middle-income partners. These partners include Brunei, Fiji, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Specifically, the Initiative has provided 10.9 million opportunities, including over 5.2 million women and girls across the eight participating IPEF partner countries in support of the region’s ongoing efforts to strengthen workforce development by facilitating training ranging from basic to advanced digital literacy skills. This type of public-private engagement is a clear demonstration of America’s commitment to IPEF and its partners. It further underscores the benefits of a high-standard economic cooperation framework that incentivizes greater private sector engagement and contributes to long-term economic growth, competitiveness, and sustainability throughout the region.

Government-to-Government Engagements

During her visit to Singapore, the Secretary also participated in bilateral meetings with IPEF partners to address issues of shared concern, including sustainable growth, climate objectives, and advanced technology. Raimondo met with Prime Minister Lawrence Wong, where they discussed a number of issues of mutual concern including supply chain resiliency, clean energy and the digital economy. She later met with Deputy Prime Minister Gan, where they convened a U.S.-Singapore Partnership for Growth and Innovation (PGI) annual dialogue. The PGI is a bilateral economic cooperation platform designed to secure inclusive growth for both nations’ economies and regions by strengthening U.S.-Singapore collaboration in new and forward-looking areas. The Secretary also sat down with U.S. multinational corporations for a discussion on how U.S. businesses can benefit under the IPEF pillars. Secretary Raimondo also led an AI roundtable meeting with Minister for Communications and Information Josephine Teo and industry representatives, after which, they released shared principles and collaboration on AI. And finally, Secretary Raimondo convened an Australia-U.S. Strategic Commercial Dialogue with Minister for Trade and Tourism Don Farrell.