Fiji participated in the first ministerial meeting of the Indo-Pacific Economic Framework (IPEF) for Prosperity virtually on 14 March 2024.
The Permanent Secretary for Trade, Co-operatives, SMEs and Communications, Mr Shaheen Ali, represented the Deputy Prime Minister and Minister for Trade, Co-operatives, SMEs and Communications Hon. Manoa Kamikamica at the Ministerial meeting.
During the virtual meeting on Pillars II-IV, the Ministers 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 also discussed the ongoing cooperative work ahead across the three proposed agreements. Additionally, the ministers welcomed the entry into force of the IPEF Supply Chain Agreement on 24 February 2024. Fiji reaffirmed its commitment to working closely with the IPEF partners to quickly begin operationalising the agreement.
The IPEF Ministers further announced that the Ministers will next meet in-person in Singapore on 6 June 2024, to discuss the Supply Chain Agreement (Pillar II), the Clean Economy Agreement (Pillar III), the Fair Economy Agreement (Pillar IV), and the Agreement on IPEF.
The IPEF Ministers also discussed next steps to deliver concrete outcomes under IPEF 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 5-6 June 2024, and announced plans to provide $33 million in initial grant funding for the IPEF Catalytic Capital Fund under the Pillar III Clean Economy Agreement.
In addition, the IPEF Ministers took stock of the CWP on hydrogen announced in May 2023, as well potential new ones. Under the proposed agreement, the CWPs are a mechanism through which the IPEF partners or a group of partners prioritise their focus and resources on a common goal.
On hydrogen, those interested IPEF partners have taken steps to advance the initiative, including establishing workstreams related to the exchange of information and sharing of best practices on methodologies, standards, and certifications developed by international bodies on the carbon intensity of hydrogen and its carriers, as well as cross-border pilots and demonstration projects.
The IPEF partners also announced four new CWPs based on proposals put forward by partners:
• On carbon markets, interested IPEF partners initially are seeking to understand existing regional carbon market priorities and identify strategies for improving the enabling conditions for cooperation;
• Interested IPEF partners also are pursuing clean electricity enhancement to facilitate increased decarbonisation and access to clean energy in the region, including through public-private cooperation;
• To advance the promotion of employment creation and labour rights and strengthen efforts to address employment shifts in the move to clean energy, interested IPEF partners endeavour to pursue workforce development efforts to ensure a just transition towards achieving a clean economy; and
• Interested IPEF partners will collaborate on sustainable aviation fuels (SAF) to enhance the availability and affordability of SAF and its feedstocks, to catalyse and develop regional SAF value chains in the region.
For more information and future updates IPEF Clean Economy Investor Forum, please visit: www.IPEFinvestorforum.org
The IPEF partners consist of 14 diverse countries representing 40 percent of global GDP and 28 percent of global goods and services trade. It is a US led initiative and consists of Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.