Thailand stresses importance of Indo-Pacific group for clean and fair economy

Phantipha Iamsudha Ekarohit, the deputy permanent secretary for Foreign Affairs, attended the virtual ministerial meeting on Friday (June 30) on behalf of caretaker Foreign Minister Don Pramudwinai.

The meeting was chaired by US Secretary of Commerce Gina Raimondo. Also attending the meeting were representatives from the relevant Thai agencies, namely Industry, Environment and Finance ministries, as well as the Office of the National Anti-Corruption Commission.

The meeting discussed the way forward for IPEF cooperation, particularly under Pillar III (Clean Economy) and Pillar IV (Fair Economy).

The meeting exchanged views on possible cooperation projects that would lead to tangible benefits for Pillar III, such as the US government’s proposal regarding a US$300-million funding for sustainable infrastructure projects in IPEF partner countries, plans to organise an investor forum to enhance investment opportunities, possibility of setting up a climate fund, and promoting innovation through knowledge exchange, skill development and academic partnerships.

They also discussed the establishment of Capacity Building Framework under Pillar IV as a mechanism to provide technical assistance among IPEF partner countries.

Phantipha stressed the importance of public-private partnership under Pillar III to enhance investment and development of clean economy and green technologies.

On Pillar IV, the deputy permanent secretary emphasised tax-related cooperation and anti-corruption efforts in line with international standards in order to promote a fairer economy, supporting demand-driven capacity building framework toward effective implementations of each partner country’s respective obligations under the existing international instruments.

The IPEF is an economic initiative launched by US President Joe Biden last year. The 14 members include: the US, Japan, India, South Korea, Australia, Fiji, New Zealand and Thailand, Brunei, Indonesia, Malaysia, Philippines, Singapore and Vietnam from the Asean group.