December 16, 2022: IPEF negotiators from 14 Indo-Pacific countries met in Brisbane from December 10-15. They include the United States, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
IPEF is a US initiative to diversify its supply chains away from China towards its allies and create US-style rules in the region. It is not a traditional trade agreement with binding commitments because the US is not offering any more access to its own markets, but relying on investment projects as incentives, especially for developing countries. The US is chairing most negotiations and pushing for quick agreements.
The Labor government’s policy on trade transparency promises more transparent and accountable trade negotiations, including access to negotiating texts and independent evaluation of costs and benefits of trade agreements.