Statement on Indo-Pacific Economic Framework
for Prosperity 20220523
We, the United States, Australia, Brunei Darussalam, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam of the Indo-Pacific region, acknowledge the richness and the diversity of our vibrant regional economy. We share a commitment to a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region that has the potential to achieve sustainable and inclusive economic growth. We acknowledge our economic policy interests in the region are intertwined, and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.
We recognize
the COVID-19 pandemic has underscored the imperative of working closely together
to ensure that economic recovery and advancement are grounded in resilience, sustainability,
and inclusivity. The pandemic has also emphasized
the importance of strengthening economic competitiveness and cooperation and securing
critical supply chains, while stimulating job growth and improving economic opportunities,
including for our workers, women, medium- and small-enterprises, and our societies’
most vulnerable groups.
In the long term, economic competitiveness will be largely defined by
our ability to harness technology, promote
innovation, participate in the digital economy, justly transition energy
systems and achieve energy security, and tackle
the climate crisis in a manner that produces equitable, inclusive growth and
improves socio-economic welfare.
In order to
prepare our economies for the future, we are
launching the process to establish the Indo-Pacific Economic Framework for
Prosperity.
This framework
is intended to advance resilience, sustainability, inclusiveness, economic growth,
fairness, and competitiveness for our economies. Through this initiative, we aim to contribute
to cooperation, stability, prosperity, development, and peace within the region.
We invite
participation from additional Indo-Pacific partners that share our goals, interests,
and ambitions for the region. We are committed
to collaborating with our framework partners in a manner that acknowledges the importance
of technical assistance and capacity building, allows us to maintain a flexible
approach, and delivers tangible benefits for our peoples.
Today, we
launch collective discussions toward future negotiations on the following pillars. Framework partners will be engaging in such discussions
on various ways to strengthen economic cooperation to achieve these goals, and we invite other interested Indo-Pacific partners to join
us.
Trade: We seek to build
high-standard, inclusive, free, and fair trade
commitments and develop new and creative approaches in trade and technology policy
that advance a broad set of objectives that fuels economic activity and investment,
promotes sustainable and inclusive economic growth, and benefits workers and consumers.
Our efforts include, but are not limited to, cooperation in the digital economy.
Supply Chains: We are committed
to improving transparency, diversity, security, and
sustainability in our supply chains to make them more resilient and well-integrated. We seek to coordinate crisis response measures;
expand cooperation to better prepare for and mitigate the effects of disruptions
to better ensure business continuity; improve logistical efficiency and support;
and ensure access to key raw and processed materials, semiconductors, critical minerals,
and clean energy technology.
Clean Energy, Decarbonization, and Infrastructure: In line with
our Paris Agreement goals and efforts to support the livelihood of our peoples and
workers, we plan to accelerate the development and deployment of clean energy technologies
to decarbonize our economies and build resilience to climate impacts. This involves deepening cooperation on technologies,
on mobilizing finance, including concessional finance, and on seeking ways to improve
competitiveness and enhance connectivity by supporting the development of sustainable
and durable infrastructure and by providing technical assistance.
Tax and Anti-Corruption: We are committed
to promoting fair competition by enacting and
enforcing effective and robust tax, anti-money laundering, and anti-bribery regimes in line with existing multilateral obligations, standards, and agreements
to curb tax evasion and corruption in the Indo-Pacific region. This involves sharing
expertise and seeking ways to support capacity building necessary to advance accountable
and transparent systems.
We are continuing
to identify additional areas of cooperation based on consultations among partners
to further our shared interests, with a view to advancing regional economic connectivity
and integration. We look forward to jointly
creating conducive environments to boost flows of commerce, trade, and investments
amongst our economies, and to enhancing standards
and access to opportunities for our workers, companies, and peoples in our combined markets.
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