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Friday, 07 June 2024 08:10

Airlangga Encourages IPEF to Generate Projects and Jobs

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VOInews, Singapore: Coordinating Minister for Economic Affairs Airlangga Hartarto is pushing for the Indo-Pacific Economic Framework for Prosperity (IPEF) cooperation to result in tangible projects that create jobs in the region. This was conveyed at the

Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held on Thursday (6/6) in Singapore. "We must realise concrete projects next year. No one is left behind. The progress of the projects is there. The projects hopefully will create jobs in the regions,’ said Coordinating Minister Airlangga Hartarto.


According to a written statement received by Voice of Indonesia on Thursday (6/6/2024), Singapore Deputy Prime Minister Gan Kim Yong and US Secretary of Commerce Gina Raimondo viewed the IPEF meeting as a very important momentum in regional cooperation in the Indo Pacific region. ‘The meeting brought together senior Ministers from the 14 IPEF partner countries, which represent more than 40% of the world's GDP and 28% of global trade in goods and services,’ the Ministry wrote.


It is known that this meeting affirmed a joint commitment to strengthen and realise a clean, fair and holistic economy in the Indo-Pacific region, in line with the focus of cooperation stated in the 4 pillars of the IPEF agreement, namely the pillars of trade, supply chain, clean economy and fair economy.


Since the launch of IPEF two years ago in Tokyo, Japan, each meeting involving the 14 IPEF member countries (Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam), has achieved many significant achievements. At this meeting, the main focus was on three of the four IPEF pillars.


Firstly, the IPEF Supply Chain Agreement (Pillar II) which aims to strengthen regional supply chains, ensure smooth distribution of goods and services, and enhance cooperation among countries.


Secondly, the IPEF Clean Economy Agreement (Pillar III), which is an effort to reduce environmental impacts, has signed an agreement related to the clean economy. This includes the development of environmentally friendly technologies and the application of renewable energy.


Thirdly, the IPEF Fair Economy Agreement (Pillar IV) which aims to create a fair economy for all parties, including workers and businesses. Collaboration on economic regulations and policies is the main focus.


Indonesia and other IPEF partners are committed to continue the steps towards ratification and implementation of the signed agreements. The IPEF partners will continue to monitor progress under the three pillars of IPEF and gauge concrete outcomes at the next ministerial meeting in September 2024 in Washington DC. In addition, the meeting launched the Clean Economy Investor Forum (CEIF) as a forum among IPEF member countries that will help mobilise funds for clean energy technologies in IPEF countries.


US Secretary of Commerce Gina Raimondo gave special appreciation to Indonesia, for its active participation in IPEF. Secretary Raimondo gave a very positive response and fully supported Coordinating Minister Airlangga's request, which emphasised the importance of IPEF providing concrete results and tangible benefits for the community, particularly in job creation and improving people's welfare. ‘IPEF must bring job creation and opportunity for our people,’ said Secretary Raimondo, supporting Airlangga's statement.


Source: Indonesian Coordinating Ministry of Economics

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