Ministers at IPEF Meeting Discuss Bolstering Int'l Supply Chains

Economy

Washington/Tokyo, Dec. 20 (Jiji Press)--Japan, the United States, Australia and 11 other countries of the Indo-Pacific Economic Framework for Prosperity discussed strengthening international supply chains, at an online ministerial meeting on Tuesday, Japan time.

According to a statement by U.S. Secretary of Commerce Gina Raimondo, who hosted the meeting, the participants "reaffirmed their collective commitment to pursue an inclusive high-standard economic agreement that will enhance the economic competitiveness of all of the IPEF partners' economies."

Economy, Trade and Industry Minister Yasutoshi Nishimura, who attended the meeting from Japan together with Foreign Minister Yoshimasa Hayashi, said at a press conference, "We hope to accelerate talks with the goal of creating a framework that allows high-standard rules and tangible benefits to coexist."

The 14 IPEF countries are aiming to set common rules in the four areas of trade, supply chains, fair economy, and tax and anticorruption, with hopes to reduce their economic dependence on China.

Tuesday's session came after the first meeting of the IPEF nations' top negotiators held last week in the Australian city of Brisbane.

[Copyright The Jiji Press, Ltd.]

Jiji Press