Hanoi (VNA) – Representatives from the US and 13 other countries joined a ministerial talk on the Indo-Pacific Economic Framework (IPEF) in San Francisco on November 13.
Progress was made on some aspects but "no substantial agreement was reached" for the whole trade area, Japanese Trade Minister Yasutoshi Nishimura was quoted by Kyodo News as saying following the first working day of the meeting.
Other economic issues will be discussed on November 14 by the trade ministers of the 14 member countries.
The meeting is taking place on the thresholds of the APEC Economic Leaders’ Meeting in San Francisco.
Since the IPEF initiative was launched by US President Joe Biden in Japan in May 2022, officials have been trying to create common rules and standards across four pillars - trade, supply chains, clean energy and infrastructure, and tax and anti-corruption - to help all the members achieve faster and more equitable growth.
The ministers are expected to largely agree on language for the third and fourth pillars, after doing so for supply chains in May. Collectively, the group accounts for about 40 percent of the global economy.
Countries participating in the discussion on IPEF currently include the US, Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, the Republic of Korea, Thailand, and Vietnam./.
Progress was made on some aspects but "no substantial agreement was reached" for the whole trade area, Japanese Trade Minister Yasutoshi Nishimura was quoted by Kyodo News as saying following the first working day of the meeting.
Other economic issues will be discussed on November 14 by the trade ministers of the 14 member countries.
The meeting is taking place on the thresholds of the APEC Economic Leaders’ Meeting in San Francisco.
Since the IPEF initiative was launched by US President Joe Biden in Japan in May 2022, officials have been trying to create common rules and standards across four pillars - trade, supply chains, clean energy and infrastructure, and tax and anti-corruption - to help all the members achieve faster and more equitable growth.
The ministers are expected to largely agree on language for the third and fourth pillars, after doing so for supply chains in May. Collectively, the group accounts for about 40 percent of the global economy.
Countries participating in the discussion on IPEF currently include the US, Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, the Republic of Korea, Thailand, and Vietnam./.
VNA
