Ministers of 14 Indo-Pacific nations affirmed Tuesday they will accelerate U.S.-led negotiations to set rules on their economic cooperation in the region to counter China's growing clout, the Japanese government said.
In the virtual ministerial meeting hosted by U.S. Commerce Secretary Gina Raimondo, participants "held discussions on tangible benefits" expected from the Indo-Pacific Economic Framework, the Japanese Foreign Ministry said.
From Japan, Foreign Minister Yoshimasa Hayashi and Economy, Trade and Industry Minister Yasutoshi Nishimura attended the meeting.
The discussions followed a six-day, in-person negotiation round that concluded last week in Brisbane, during which U.S. officials shared their proposals on trade, supply chains and anti-corruption efforts with the other countries. The members also expressed support for Canada's bid to join the framework.
The framework centers on four pillars -- fair trade, supply chain resilience, infrastructure and clean energy, and tax and anti-corruption. It does not involve the removal of tariffs or market access improvement.
The current IPEF members are the United States, Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. They represent around 40 percent of global gross domestic product.
At the latest online meeting, Japan expressed its willingness to offer support and cooperation in areas such as investment expansion, supply chain resiliency, transition to clean energy and human resources development, Nishimura said in a press conference.
The members discussed what they could offer and expect from cooperation under the framework, he added.
After former U.S. President Donald Trump withdrew his country from what was then known as the Trans-Pacific Partnership free trade deal in 2017, President Joe Biden launched IPEF during his visit to Japan in May as part of a U.S. bid to reengage economically with the fast-growing Indo-Pacific.
