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Friday, 07 June 2024 08:27

Indonesia and 13 Countries Agree on Clean Economy at IPEF

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VOInews, Singapore: Coordinating Minister for Economic Affairs Airlangga Hartarto together with partner country ministers successfully signed the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements for the Clean Economy Pillar, Fair Economy Pillar, and IPEF Institutional Agreement (Overaching Agreement) at the IPEF Ministerial Meeting on Thursday (6/06) at the Sands Expo & Convention Centre, Singapore.


As quoted from written statement received on Thursday (6/6/2024), the achievement of an agreement on the IPEF agreement is one of the historic events that creates a new breakthrough in efforts to build clean and fair collective welfare through a cooperation agreement between countries in the Indo-Pacific region. "Pillar III of the Clean Economy is part of the IPEF agreement to realise a clean and environmentally responsible global economy. In this pillar, IPEF member countries are committed to increasing environmentally friendly economic activities through sharing information and experiences, exploring the potential of each country, and opening up broad investment opportunities for private parties in IPEF member countries that have a business orientation in line with the green economy,’ wrote the Coordinating Ministry for Economic Affairs.


It is known that some of the derivative initiatives from Pillar III are the Cooperative Work Programme (CWP) and the Clean Economy Investor Forum (CEIF), which also includes the IPEF Catalytic Capital Fund as a funding scheme for several high-quality climate infrastructure projects of up to USD 3.3 billion.


In order to support the effective implementation of commitments under the Pillar IV (Fair Economy) Agreement, IPEF partners welcomed the announcement of Capacity Building and Technical Assistance (TACB) programmes through the TACB Initiative Catalogue. ‘These programmes are designed to strengthen efforts to prevent and combat corruption, including money laundering and terrorism financing, as well as improve transparency and exchange of tax information,’ he continued.


The Indonesian Coordinating Ministry of Economic further explained that The TACB Initiative Catalogue will provide various opportunities for IPEF partners to develop effective anti-corruption policies and tax administration, through training for government officials in the investigation and prosecution of corruption cases, as well as workshops to improve integrity and online reporting systems. Indonesia hopes that in the future there will be more offerings from IPEF partners related to TACB, in order to assist IPEF partners in achieving Pillar IV high commitments.


"Indonesia and partner countries will take necessary strategic steps, including domestic consultation and ratification process of the IPEF Pillar III and IV Agreements which enter into force on 7 June 2024. In addition, IPEF partner countries will continue to commit to collaborate on clean economy and fair economy within the broader IPEF framework", concluded The Indonesian Coordinating Ministry of Economic.



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