IPEF negotiations in San Francisco: forward steps
APEC: an update on digital trade
IPEF
During the Apec Economic Leaders’
In San Francisco in November, Indo-Pacific Economic Framework (IPEF) partners reached the substantial conclusion of negotiations on a set of ‘first-of-their kind’ IPEF agreements. IPEF will support Australia’s trade diversification agenda and drive greater employment and inclusive economic growth for all Australians by keeping our supply chains agile, supporting the region’s net-zero transition, and combating corruption and tax evasion.
Week in San Francisco in November 2023, the Committee on Trade and Investment and the Digital Economy Steering Group issued a statement encouraging more WTO members to participate in the Joint Statement Initiative (JSI) on e-commerce. The JSI negotiations are an effort to address gaps in global trade rules.
The effects of COVID-19 highlighted and expanded the importance of the digital economy, of accelerating the digital transformation, of bridging digital divides, and heightened the need for global rules governing digital trade. A recent Asia-Pacific Economic Cooperation (APEC) report on the economic impact of adopting digital trade rules found that intra-regional digital trade contributed USD 2.1 trillion to economies in the APEC region, equivalent to approximately 4.1 percent of regional GDP, and supported more than 60 million jobs in 2018. For more than 30 years, APEC has had a proud tradition of supporting the work of the World Trade Organization (WTO). APEC expressed its support
for the negotiations underway among 90 WTO members on the Joint Statement Initiative on e-commerce, and encouraged participants to accelerate discussions towards an outcome for the digital economy that is balanced, inclusive and meaningful. Australia co-convenes the JSI, with Japan and Singapore, and seeks a timely, ambitious outcome – one that puts in place modern digital trade rules for the benefit of workers, consumers and businesses. For information on the latest APEC activities see apec2023sf.org pm.gov.au/media/apec-economic- leaders-meeting
The IPEF Clean Economy Agreement will be the first comprehensive regional agreement on the net zero transition. It will cover a “just transition” on energy, transport, demand-side measures, sustainable finance, technologies, sustainable land, water and oceans management. The IPEF Clean Economy Agreement is the first of its kind to recognise the relationship of Indigenous Peoples to the clean economy, promoting full, effective and meaningful participation. The IPEF Fair Economy Agreement will be one of the most advanced and comprehensive anti-corruption agreements since the UN Convention Against Corruption was agreed 20 years ago. It will enhance the rule of law and fight corruption and tax evasion, levelling the playing and opening up new investment opportunities for Australian businesses.
A previously agreed world-first IPEF Supply Chain Trade and Tourism Agreement, signed by Minister Farrell and IPEF counterparts in San Francisco, will equip Australia and the region to prepare for and respond to future supply chain shocks, and to recover more quickly through flexible planning and forecasting. The IPEF Supply Chain Agreement will accelerate the diversification and production
Work is ongoing for IPEF’s progressive Trade Agreement, which will elevate and align standards in new and emerging areas, driving trade and investment flows for Australian businesses. A first-of-its kind Inclusivity Chapter will bring Australia’s women, persons with disabilities and Indigenous Peoples into the regional economy. Australian producers and exporters will benefit from more streamlined trading arrangements, reducing the impact of economically damaging non-tariff barriers. For more information: trademinister.gov.au/minister/ don-farrell/media-release/new- regional-agreements-boost-trade- indo-pacific
of critical goods, capitalising on Australia’s unique export capabilities.
An IPEF Critical Minerals Dialogue was agreed and will strengthen collaboration in critical minerals supply chains. For Australia, this means using our critical minerals to assist the region in transitioning to clean energy, supporting resilient and sustainable supply chains, and building Australia’s capacity and standing as a renewable energy superpower.
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business envoy
Department of Foreign Affairs and Trade
Department of Foreign Affairs and Trade
business envoy
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