Vietnam will join the Indo-Pacific Economic Framework for Prosperity (IPEF), which will be launched by US President Joe Biden on Monday during his visit to long-term partner Japan.
The IPEF was officially launched in Tokyo in a hybrid format, with US President Barack Obama, Japanese Prime Minister Fumio Kishida, and Indian Prime Minister Narendra Modi in attendance, and leaders from Australia, Brunei, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, and Thailand participating remotely.
According to the White House, this economic structure, which began with 13 nations, comprises 40% of the global GDP.
The Indo-Pacific region, which contains half of the world’s population and more than 60% of global GDP, will shape the global economy’s future, according to US President Barack Obama.
Biden stated that this is an “economic vision” that would benefit all people, a vision for a free, open, safe, and resilient Indo-Pacific.
The framework will be built around four key pillars: Connected Economy (including digital economy rules, standards on cross-border data flows and data localization, online privacy, and the use of artificial intelligence); Resilient Economy (first-of-its-kind supply chain commitments that better anticipate and prevent disruptions); Clean Economy (commitments on clean energy and decarbonization, infrastructure that promotes good-paying jobs); and Fair Economy (effective tax, anti-money laundering, anti-bribery regimes, etc.)
Addressing the launch from Hà Ni, Vietnamese Prime Minister Phm Minh Chinh stated that the current landscape necessitates adjustments to our growth model and economic ties for greater sustainability and resilience to fully harness internal power and optimize external resources, keeping in mind that internal resources are fundamental, strategic, long-term determinants, whereas external resources are a constant game changer.
“Multilateralism and international solidarity must be grounded in security, trust, responsibility,” he noted.
“Today’s launch of the Indo-Pacific economic framework will kickstart a serious discussion in exchange of ideas towards addressing critical regional and global issues together, issues that no one can address on their own like ones on a global scope – supply chains diversification and resilience, technological innovation, digital transformation, e-commerce promotion, climate change response, achieving net-zero by 2050, green growth, taxation issues and anti-corruption among many others,” the Vietnamese Government leader said.
” Vietnam is committed to pursuing and is making all efforts towards an independent, self-reliant economy hand-in-hand with extensive and substantive international integration,” PM Chính underlined.
“Vietnam is also participating in various initiatives at international connectivity, and is an active contributor to the joint efforts to accelerate economic recovery and sustainable development in the region and the world.”
Regarding the IPEF, PM Chnh anticipates that the discussions and brainstorming will result in a cooperation framework “that is genuinely beneficial to all people,” as “people are the center, object, purpose, and engine for progress in all forms of international integration processes today.”
