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- METI Minister Saito Attends Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF)
METI Minister Saito Attends Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF)
March 14, 2024
Joint press release with the Ministry of Foreign Affairs
On March 14 (Japan time), 2024, a Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) was held online. As representatives of Japan, Mr. Saito Ken, Minister of Economy, Trade and Industry, and Mr. Tsuji Kiyoto, State Minister for Foreign Affairs, attended the meeting. At the meeting, participating countries confirmed that they will continue to be committed to IPEF and to make efforts toward a Ministerial Meeting and a Clean Economy Investor Forum of IPEF, both of which are scheduled to be held in June 2024.
1. Convening of the IPEF Ministerial Meeting and Clean Economy Investor Forum
At the meeting, the United States announced that an IPEF Ministerial Meeting and Clean Economy Investor Forum will be held on June 6, 2024, in Singapore.
The Clean Economy Investor Forum is an event aiming to bring together governmental dignitaries, investors, startup operators, and other organizations of IPEF member countries and encourage investments in projects for an IPEF regional transition to the clean economy. This forum is expected to further develop efforts related to the clean economy across the IPEF region.
2. Announcement of Cooperative Work Programs (CWPs)
The meeting announced that the Clean Electricity Initiative proposed by Japan would be a new CWP, together with those proposals on the Carbon Markets jointly proposed by the Republic of Korea and the United States, the Regional Sustainable Aviation Fuel Collaboration proposed by Singapore, and the Mainstreaming Workforce Development for a Just transition to Clean Energy proposed by the Philippines.
Japan will continue to make efforts to achieve regional decarbonization through specific initiatives, including the regional hydrogen supply chain initiative jointly proposed by Japan and Singapore, under which substantive discussions are already progressing as a CWP, and the Clean Electricity Initiative, which was announced as a new CWP at the meeting.
3. IPEF Catalytic Capital Fund
The four countries of Australia, Japan, the Republic of Korea, and the United States announced that they will offer contributions of 33 million dollars in total to the IPEF Catalytic Capital Fund. The Government of Japan plans to offer contributions of about 10 million dollars (1.4 billion yen).
This IPEF fund will be established to provide financial assistance and so forth to projects that will contribute to the clean economy, including projects for infrastructure to address climate change in the IPEF region. The Private Infrastructure Development Group (PIDG) will manage and make use of the fund.
Division in Charge
Economic Partnership Division, Trade Policy Bureau