Cabinet approves guidelines for Indo-Pacific Economic Framework talks
Tuesday’s Cabinet meeting approved draft negotiation guidelines for the Indo-Pacific Economic Framework (IPEF), which was launched by the US last year to balance China’s rising regional influence.
The Cabinet also approved four ministerial statements drafted at the IPEF Ministerial Meeting in Los Angeles on September 8-9, 2022.
Finally, ministers gave the green light to establish a committee to drive operations under IPEF, coordinated by the Foreign Ministry.
Government spokesman Anucha Burapachaisri said approval of the negotiation draft did not create any obligation for Thailand under the IPEF.
“Thailand can still consider whether or not to accept the results of future IPEF negotiations,” he said.
The Kingdom is also a member of the China-led Regional Comprehensive Economic Partnership (RCEP), which is seen as a rival to IPEF.
The IPEF covers economic cooperation under four pillars – trade, supply chains, clean energy/decarbonization/infrastructure, and tax and anti-corruption.
“IPEF aims at promoting economic cooperation in the region. It is not an FTA [free trade agreement] and does not have any intention for market access,” said Anucha. “The framework will promote mutual trade and investment among partner countries, as well as strengthening the logistics network and supply chain in the Indo-Pacific region.”
He added that the IPEF also pushes for development of clean and eco-friendly economies under transparent tax administration and comprehensive anti-corruption practices, in line with Thailand’s BCG (bio, circular, green) economic model.
The 14-member IPEF comprises the US, Japan, Australia, New Zealand, South Korea, India, Fiji, and seven Asean countries – Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
