Prime Minister Pham Minh Chinh Attended IPEF Economic Initiative Launch Ceremony

Prime Minister Pham Minh Chinh reaffirmed multilateralism when addressing the inauguration ceremony of the Indo-Pacific Economic Framework (IPEF).

The announcement ceremony to kick off discussions on the Indo-Pacific Economic Framework for Prosperity (IPEF) was held today in Tokyo in the form of an in-person and online meeting. Prime Minister Pham Minh Chinh attended and spoke online, according to a statement from the Foreign Ministry.

The ceremony was attended by Japanese Prime Minister Fumio Kishida, Indian Prime Minister Narendra Modi, US President Joe Biden, South Korean President Yoon Suk-yeol, New Zealand Prime Minister Jacinda Ardern, Thai Prime Minister Prayut Chan-o-cha and Prime Minister of Singapore joined Lee Hsien Loong and the business ministers of Brunei, Indonesia, Malaysia, the Philippines and the heads of the Australian Foreign Office.

Prime Minister Pham Minh Chinh addresses the launch ceremony of the IPEF discussion today.  Photo: Baochinhphu.

Prime Minister Pham Minh Chinh addresses the launch ceremony of the IPEF discussion today. Picture: Baochinhphu.

The leaders shared the vision of an open, inclusive, just, rules-based, interconnected, resilient, secure and prosperous Asia-Pacific region with potential for growth, with ASEAN at the core.

The leaders agreed to launch the discussion on the IPEF and stand ready to invite interested countries in the region to participate, expecting that this collaborative framework will help build their resilience, especially during the post-pandemic recovery .

Discussions in the coming period will focus on four pillars: trade, supply chain, clean energy, decarbonization and infrastructure, tax and anti-corruption.

Prime Minister Pham Minh Chinh stressed the need to transform the growth model, economic linkage toward sustainable, self-sufficient, maximizing internal resources combined with optimizing external forces, promoting multilateralism, and strengthening international solidarity based on sincerity, trust and… Responsibility.

The Prime Minister reiterated that Vietnam is steadfast in its policies and promotes the building of an independent and self-reliant economy coupled with proactive and active international integration that is comprehensive, substantial and effective. Vietnam also participates in many international economic integration initiatives and actively and responsibly contributes to joint efforts to accelerate economic recovery and sustainable development in the region and around the world.

The IPEF initiative was launched approximately seven months after it was announced by Mr. Biden at the East Asia Summit (EAS) held online in October 2021. This is considered one of the pillars of the Biden administration’s Indo-Pacific strategy.

Unlike traditional trading blocs, IPEF members do not need to negotiate tariffs and expand market access. Instead, the initiative aims to engage trading partners in agreed standards in four key areas, including digital economy, supply chains, clean energy infrastructure and countermeasures.

vu appendix (Corresponding Reuters)