This week the Minister for Trade, Don Farrell, has travelled to San Francisco to lead Indo-Pacific Economic Framework (IPEF) and Asia-Pacific Economic Cooperation (APEC) Ministerial trade talks.
At the third in-person IPEF Ministerial Meetings, his aim is to finalise a package of outcomes designed to lift and align trading standards, to build supply chain resilience, and promote clean energy investment so that trade flows more freely in the Indo-Pacific region.
In a media release today, Mr Farrell has confirmed Australia’s commitment to support Indonesia’s ambition to join the Organisation for Economic Co-operation and Development (OECD) while meeting Indonesian Trade Minister Zulkifli Hasan on the sidelines of APEC in San Francisco.
He notes that Australia and Indonesia are close friends and neighbours, and welcomes Indonesia to the OECD which carries many benefits for all parties. Australia will contribute to Indonesia’s efforts to prepare for the OECD accession process, by supporting an economic survey of Indonesia through the OECD.
Indonesia’s application demonstrates a commitment to align more closely with OECD standards and norms, including open market settings. It will support Indonesia becoming further integrated with regional and global supply chains.
Senator Farrell welcomed President Biden’s expression of support this week for Indonesia initiating the accession process. He and Minister Hasan also discussed deepening our trade, investment and economic ties, which is a top priority for the Australian Government.
The Minister will welcome new representatives when Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, Ministers meet on the sidelines of APEC, as well as meeting with several Ministerial counterparts to progress Australia’s trade and investment diversification agenda.
IPEF is seen by the USA as a complementary alternative to the 12-nation CPTPP, which it does not belong to. (Canada, however, is a member). The 14 IPEF members account for about 40% percent of global GDP and 28% of global goods and services trade.
So we have managed to cover all the relevant acronyms today: IPEF, APEC, OECD AND CPTPP.
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