IPEF Formal Negotiations to Start in Dec.: Source

Economy Politics

Washington, Oct. 30 (Jiji Press)--The 14 participating countries of the Indo-Pacific Economic Framework will begin formal negotiations at a senior officials' meeting in Australia in December, an informed source said Sunday.

The countries, including Japan, the United States, Australia and India, will aim for an early agreement as economic security is increasingly important against the backdrop of rivalry between the United States and China.

The U.S.-led economic framework is aimed at establishing common trade and investment rules among countries sharing democratic values.

The participating countries held the first in-person ministerial meeting in Los Angeles in September, reaching an agreement to launch formal negotiations.

At the Los Angeles meeting, a joint statement was adopted to specify negotiating goals in four areas including trade and supply chains.

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