SAN FRANCISCO, CA – In response to the announcements that the Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations for the Clean Energy (Pillar III) and Fair Trade (Pillar IV) have concluded and the Supply Chain (Pillar II) agreement was signed, NFTC President Jake Colvin released the following statement:
“The collaboration announced this week under IPEF is an important signal of U.S. engagement in the Indo-Pacific, and the Commerce Department’s novel approach to strengthen cooperation on supply chains, clean energy and anti-corruption has the potential to bolster America’s economic integration in the region.
“With continued U.S. leadership, we expect that these frameworks will deliver commercially-meaningful outcomes that address obstacles to business in the region across sectors like healthcare, manufacturing, clean energy, and digital services.
“While these unique frameworks hold promise, it’s frustrating to see progress stall on efforts to develop the kind of concrete trade rules that foster certainty for American businesses and raise standards among our key allies in the region, particularly around the digital economy and trade facilitation. Voluntary frameworks are no substitute for the kind of binding commitments that ensure fair access for American businesses and workers to the global economy.
“Going forward, the Administration has an opportunity to expand the scope and depth of commitments under the trade pillar and articulate a clear vision for digital trade leadership to help American businesses of all sizes capitalize on the economic promise of the Indo-Pacific region.
“We look forward to working with the Administration and Congress to build upon these initial outcomes to further deepen America’s economic integration in the Indo-Pacific and fulfill President Biden’s call when IPEF was launched to develop high-standard rules of the road for the digital economy.”