Bangkok,  February 25 (AseanAll)  —  Thai Cabinet has recently approved the Indo-Pacific Economic Framework (IPEF), underpins the BCG economic model to promote balanced and sustainable economic growth.

February 21, 2023, Thai Deputy Secretary-General to the Prime Minister and Acting Government Spokesperson Anucha Burapachaisri disclosed that the cabinet approved a draft of the negotiation framework for the Indo-Pacific Economic Framework (IPEF) as a guideline for determining Thailand’s stance and cooperation under the IPEF framework, as well as acknowledging the development of actions to drive Thailand’s interests and cooperation under the IPEF framework to concrete benefits.  

This included the approval of four IPEF Ministerial Statements, dated September 8–9, 2022, and the appointment of a committee to drive the implementation of the IPEF framework by assigning the Ministry of Foreign Affairs of Thailand and related agencies to follow up on relevant actions according to the framework.  In this regard, the approval of IPEF is an agreement for the negotiation framework only, without any obligations. After the conclusion of the negotiations, Thailand will consider whether to accept or reject the results of the negotiations.

A draft of the negotiation framework for IPEF consists of four cooperation pillars: 1. Trade; 2. Supply Chain; 3. Green Economy; and 4. Fair Economy. The goal is to drive IPEF for the greatest benefit and foster cooperation among countries to achieve their goals in various fields.

According to the Government Spokesperson, the IPEF negotiations are Indo-Pacific economic cooperation negotiations, which are not free trade agreements and do not have any market access issues.  The negotiations will focus on strengthening and connecting supply chains between Thailand and partner countries in the region, clean and environmentally friendly economic development, and cooperation on anti-corruption and transparent tax management.

In addition, cooperation under the IPEF is in line with Thailand's economic development guidelines. Furthermore, the IPEF will enhance the implementation of international obligations in multilateral frameworks, address new challenges, and prepare Thailand to negotiate other high-standard trade agreements in the future.

In addition, the Prime Minister participated in the launch event of the IPEF on May 23, 2022, at the Tokyo Izumi Garden Gallery, Tokyo, Japan via teleconference from the invitation of Joe Biden, the President of the United States, to strengthen economic relations in the Indo-Pacific region, and also to cover emerging issues such as the digital economy, supply chain, and climate change.  The IPEF is a framework for economic cooperations proposed by the United States.  There are currently 14 participants in the region: Australia, Brunei, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam.