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Parliamentary Vice-Minister Yoshida Attends Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF)
September 24, 2024
Joint press release with the Ministry of Foreign Affairs
On September 24 (Japan time), 2024, a Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) was held online. As a representative of Japan, Mr. Yoshida Nobuhiro, Parliamentary Vice-Minister of Economy, Trade and Industry, attended the meeting. At the meeting, participating countries welcomed the upcoming entry into force of the Clean Economy Agreement and the Agreement on IPEF—following the signing ceremonies for each in June 2024—on October 11, 2024, and the entry into force of the Fair Economy Agreement on October 12, 2024. In addition, IPEF countries confirmed that they will continue to advance specific cooperation and efforts under the IPEF framework.
1. Supply Chain Agreement
Japan mentioned the Supply Chain Agreement that came into force in February 2024 and expressed its commitment to ensuring that it will fully prepare to respond to emergencies as the vice-chair of the Crisis Response Network in the event of a supply disruption. Concerning responses in peacetime, Japan stated that it will continue to cooperate to enhance supply chain resilience, following the establishment of action plan teams on important goods, including critical minerals and semiconductors.
2. Clean Economy Agreement
Concerning the Clean Economy Agreement, participants welcomed the completion of the 400 million dollar fund-raising by the Hydrogen Fund launched by the industrial players under the Regional Hydrogen Supply Chain Initiative led by Japan. Japan stated that it will take advantage of the IPEF Window to facilitate investment in the IPEF region and will also jointly hold a seminar with Republic of Korea by around the end of 2024 to encourage the private sector to procure clean electricity under the Clean Electricity Initiative led by Japan and the Republic of Korea.
In addition to these two initiatives, Japan will continue to cooperate with other initiatives led by IPEF partner countries, including sustainable aviation fuels (SAF), small modular reactors, and emissions calculation methods.
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