Finance

Washington briefs Dhaka on Indo-Pacific Economic Framework IPEF
Photo: PID PM's Private Industry and Investment Adviser Salman F. Rahman MP meets with US Secretary of State Jose W. Fernandez in Washington

Washington briefs Dhaka on Indo-Pacific Economic Framework

Bangladesh Live News | @banglalivenews | 04 Jun 2022, 02:33 am

Own Correspondent, Dhaka, June 4: Washington has briefed Dhaka on the Indo-Pacific Economic Framework (IPEF), which was recently held with 12 other countries in the Indo-Pacific region including India.

A joint statement issued after the second High-Level Economic Consultation (HLEC) meeting between the United States and Bangladesh in Washington DC on Thursday said, "The United States has briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF) and welcomes the release of information on the IPEF's supply chain resilience and de-carbonization pillars."

According to the statement, at the meeting, the two countries shared a common goal of a free, open, inclusive, peaceful and secure Indo-Pacific region for the prosperity of all. Dhaka seeks US technical assistance to explore its marine resources in a sustainable way and to further develop the country's sunny economy for environmental protection and economic prosperity.

The day-long meeting was co-chaired by Salman F. Rahman MP, Private Industry and Investment Adviser to the Prime Minister of Bangladesh, and Jose W. Fernandez, Under Secretary for Economic Growth, Energy, and Environment of the US State Department.

US President Joe Biden launched the IPEF in Tokyo on May 23, comprising Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam, which together represent 40 percent of the world's GDP.

IPEF is a new concept that seeks to start bargaining and negotiation through four main pillars.

These are: supply chain resilience, which is being challenged by the Covid-19 war and the Ukraine war; clean energy and de-carbonization; Anti-corruption, and digital commerce and emerging technologies.

In response to a question from reporters in Dhaka on Tuesday about the possibility of Bangladesh joining the new economic structure, US Ambassador to Bangladesh Peter Haas said the United States first began consultations with the Bangladesh Foreign Ministry in March through a bilateral information exchange dialogue on IPEF.

Noting that there will be opportunities for other countries to join the IPEF, the US Ambassador hoped that "Bangladesh will follow it (IPEF) closely."