KUALA LUMPUR, May 23 — The Indo-Pacific Economic Framework for Prosperity (IPEF) provides a strategic framework — both bilateral and multilateral dialogue platforms — for trade and investment matters for Malaysia with US and its framework partners, Senior Minister of International Trade and Industry Mohamed Azmin Ali said.
US President Joe Biden will launch the IPEF later today, alongside Malaysia and other partnering countries, namely Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
“I am optimistic that this cooperation acknowledges that our economic policy interests in the region are intertwined; and deepening economic engagement among partners is crucial for continued growth, peace, and prosperity,” he said in his tweets today.
Mohamed Azmin said framework partners will engage in negotiations on areas of cooperation under four pillars, namely, trade, supply chains, clean energy, decarbonisation and infrastructure, as well as tax and anti-corruption.
This will strengthen regional economic cooperation, and (there will be a shared) commitment with regards a free, open, fair, inclusive, interconnected, resilient, secure, and prosperous Indo-Pacific region (in order to achieve) sustainable and inclusive economic growth, he added.
Biden arrived in Japan on Sunday to launch IPEF for greater US economic engagement with the Indo-Pacific, and also to reinforce ties with Japan.
