Minister Saito Visits Singapore

1. IPEF Ministerial Meeting

The IPEF Ministerial Meeting was held bringing together representatives of all 14 IPEF partner countries. Minister Saito and Mr. Tsuji Kiyoto, State Minister for Foreign Affairs, attended the meeting as representatives of Japan.

In the meeting a signing ceremony was held for three agreements, namely the Clean Economy Agreement, the Fair Economy Agreement, and the IPEF Agreement (which is an agreement stipulating approaches to holding meetings of the IPEF Council that discuss the issues across these agreements), which were substantially concluded in November 2023.

The following are the highlights of Minister Saito’s statements in the meeting:

• IPEF is an important initiative that leads the way in the Indo-Pacific region to build frameworks for rules and cooperation to address challenges we face in the 21st century. Through cooperation with IPEF partners, we have achieved a significant result in the form of the signing of three agreements.
• The Clean Economy Agreement will enter into a phase that advances specific cooperation. Japan would like to provide continuous cooperation under the Regional Hydrogen Supply Chain Initiative and the Clean Electricity Initiative.
• Concerning the Supply Chain Agreement, which entered into force in February 2024, Japan would like to work together with IPEF partners on the specifics of efforts for supply chain resilience in regular and emergent situations.

• PRESS STATEMENT ON INDO-PACIFIC ECONOMIC FRAMEWORK FOR PROSPERITY MINISTERIAL MEETING IN SINGAPORE(PDF:147KB)

2. IPEF Clean Economy Investor Forum

The first meeting of the IPEF Clean Economy Investor Forum was held, bringing together over 300 people, including government officials, representatives of companies and startups related to the clean economy, and investors. During the meeting, winners of the Indo-Pacific Climate Tech 100 were announced. From Japan, the following ten startups were selected: Tsubame BHB Co., Ltd., Kyoto Fusioneering Ltd., Helical Fusion Co., Ltd., AC Biode, Asuene Inc., WOTA, EF Polymer K.K., SkyDrive, Terra Motors Corporation, and AI SILK Corporation.

Minister Saito stated that Japan will establish the IPEF Window in the Japan Hydrogen Fund, an initiative that the Japanese industry executes leadership in planning, to advance project design in the IPEF region. He also explained the progress made in the initiatives for hydrogen and clean electricity that Japan has proposed to IPEF.

Moreover, it was announced that Hitachi Zosen Corporation and Phil. Ecology Systems Corporation will launch a project for building, owning, and operating a waste-to-energy facility in Manila, the Philippines, and that the Japan Bank for International Cooperation (JBIC), the U.S. International Development Finance Corporation, Export Finance Australia, and the Department of Foreign Affairs and Trade of Australia have been promoting a project to support Viet Nam in achieving its goal of virtually zero greenhouse gas emissions by 2050 as an effort under the Vietnam Climate Change Framework Loan.

Following this, Sembcorp, Sojitz Corporation, and Kyushu Electric Power Co. Inc. signed a term sheet on the off-take of green ammonia based on the previous memorandum of understanding by a consortium that has examined the manufacturing of green ammonia in India for exports to Japan.

• 　
• 

• Press release on the IPEF Clean Economy Investor Forum(PDF:247KB)
• Information on the Indo-Pacific Climate Tech 100
• Press release on the IPEF Window under the Japan Hydrogen Fund(PDF:118KB)

3. Japan-Singapore Co-Creation Platform

A kick-off seminar was held for the Japan-Singapore Co-Creation Platform, an initiative that Japan and Singapore agreed to launch at the second Japan-Singapore Economic Dialogue. Minister Saito and H.E. Dr. Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, Singapore, attended the seminar, which brought together about 200 people from companies, investors, and government agencies from Japan and Singapore. The two sides held discussions on the sharing of information on open innovation measures in Japan and Singapore, efforts for open innovation between companies in the two countries, potential therefor, and efforts for accelerating sector-based open innovation between companies in the two countries.

Minister Saito explained not only the importance of collaboration in the field of innovation by taking advantage of the strengths of the two countries but also the roles that the platform should play in creating global startups through collaboration between universities and research institutions, and future efforts. Taking this opportunity, a joint statement between the University of Tokyo, UTokyo IPC, and Vertex Holdings was issued concerning collaboration in the field of startup investment and cooperation for helping startup ecosystems in Japan and Singapore to work together and develop. This is a collaboration that will advance as a main initiative under the Japan-Singapore Co-Creation Platform.

Moreover, during the seminar, representatives of Japanese startups, which accompanied with Minister Saito, held pitch presentations and had networking opportunities with investors.

4. Bilateral meetings

Minister Saito exchanged views with representatives of participating countries on cooperation for the success of the IPEF meetings as well as on bilateral economic ties.

(1) Meeting with H.E. Mr. Don Farrell, Minister for Trade and Tourism, Australia

Japan and Australia, a special strategic partner of Japan, mutually confirmed the importance of Japan-Australia collaboration, such as cooperation in the field of trade, including the WTO and CPTPP. The ministers agreed that the two countries will enrich the promotion of efforts under the Asia Zero Emission Community (AZEC) and cooperation in the field of energy, including clean energy, LNG, and critical minerals.

　

(2) Meeting with H.E. Mr. Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Singapore

Minister Saito expressed his congratulations for Minister Gan’s taking office as the Deputy Prime Minister. Following this, the two sides confirmed that Japan and Singapore will strive to further enhance economic ties under the new administration. In addition, they confirmed collaboration in the fields of trade, including the WTO and IPEF, and welcomed the progress made in the collaboration in the field of startups and cooperation in energy transition. The ministers agreed that their two countries will facilitate enhanced collaboration to create innovation in these fields.

　

(3) Meeting with H.E. Mr. Zafrul Abdul Aziz, Minister of Investment, Trade and Industry, Malaysia

The two sides confirmed collaboration in the field of trade, including IPEF, and agreed that Japan and Malaysia will enrich bilateral ties as well as Japan-ASEAN economic ties, including cooperation in industries that the two countries emphasize, such as semiconductors and aircraft, and the promotion of AZEC projects.

　

(4) Meeting with H.E. Mr. Alfredo E. Pascual, Secretary of the Department of Trade and Industry, the Philippines

The two sides agreed that Japan and the Philippines will promote the deployment of Open RAN in the Philippines and cooperation in the field of clean energy, which are the issues that the two countries had confirmed to promote at the Japan-U.S.-Philippines Commerce and Industry Ministerial Meeting. In addition, they confirmed that the two countries will facilitate AZEC projects and cooperation in the field of trade, including IPEF.

　

Divisions in Charge

• Information on the visit as a whole:

  Economic Partnership Division, Trade Policy Bureau

• Information on the Japan-Singapore Co-Creation Platform

  Asia and Pacific Division, Trade Policy Bureau