The meeting was attended by senior leaders of APEC economies , heads of state, heads of government and representatives of several countries, including the United States, India, Brunei, Indonesia, South Korea, New Zealand, Japan, Malaysia, Australia, Fiji, the Philippines, Thailand, Singapore and Vietnam.
At the invitation of US President Joe Biden, President Vo Van Thuong led a high-ranking Vietnamese delegation to attend the meeting. Speaking at the meeting, President Vo Van Thuong proposed three major orientations for implementing IPEF cooperation in the coming time. The leaders highly appreciated and supported the President 's proposals.
At the Meeting, the leaders noted positive developments in discussions and negotiations on trade cooperation, supply chains, clean economy and fair economy. The leaders affirmed the goal of building IPEF as an open, inclusive, flexible, sustainable and dynamic cooperation framework, contributing to a peaceful, stable, developed and prosperous future for all people. IPEF needs to bring practical benefits to economies, especially developing countries, by attracting new financial resources and investment into the region.
Accordingly, two new financial funds will be established, the IPEF Climate Fund and the IPEF Catalytic Finance Fund, with an initial capital of about 30 million USD, to support projects on clean economic transition. Countries will also discuss the establishment of a number of specialized cooperation mechanisms such as the IPEF Investment Accelerator Program, the Critical Minerals Dialogue and the Clean Economy Investment Forum.
Speaking at the meeting, President Vo Van Thuong emphasized that IPEF is a joint effort to enhance cooperation and coordination among economies in the context of the world facing many changes, opportunities and challenges. IPEF is expected to be a dynamic and effective economic linkage and connection model, bringing practical benefits to people, contributing to peace, stability and prosperity in the region and the world.
The President acknowledged that the ministers had agreed on important premises for cooperation, based on the principles of equality, mutual benefit, inclusiveness, compliance with international law, respect for the laws and political institutions of each country, and promotion of flexibility and voluntariness.
In order to ensure that IPEF cooperation maximizes its potential and is truly effective, the President proposed three major orientations for implementing cooperation in the coming time. First, IPEF needs to be an open, inclusive, non-discriminatory cooperation mechanism, supporting the multilateral trading system based on rules; welcoming the participation of countries in and outside the region; supporting and supplementing other regional economic connectivity and linkage initiatives. Second, cooperation needs to meet development needs, balance the interests of all parties; respect and take into account the differences and specificities of each country; focus on technical support and capacity building. Third, encourage new investment in infrastructure construction, clean energy conversion, and high-tech industrial production in the region.
At the end of the Meeting, the Leaders adopted the Leaders' Statement on the Indo-Pacific Economic Framework for Prosperity.
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