S'pore looks forward to concluding Indo-Pacific trade pact: PM Wong

Issue has sensitive areas, but enhancing trade flows can improve lives, he says

- Ovais Subhani

Singapore looks forward to concluding a trade agreement with member states of the Indo-Pacific Economic Framework for Prosperity (IPEF), said Prime Minister Lawrence Wong on June 6.

“This is understandably a difficult issue with sensitive areas,” he said in his keynote speech at the IPEF Clean Economy Investor Forum, a one-day event held at the Sands Expo and Convention Centre at Marina Bay Sands.

“But trade is the lifeblood of countries in this region, and we look forward to reaching a substantive agreement that will enhance trade flows amongst IPEF countries, and improve the lives of our people,” said PM Wong, who is also Singapore’s Finance Minister.

Launched in 2022, the IPEF comprises 14 members – Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States and Vietnam. They represent 40 per cent of global gross domestic product and 28 per cent of global goods and services trade.

The IPEF aims to promote cooperation, prosperity and peace through various initiatives, including sustainability, economic growth and competitiveness, among member states.

The framework is designed to back the initiatives by agreements on four pillars of IPEF – trade, supply chains, the clean economy and the fair economy.

PM Wong said in his speech in the morning that good progress has been made on the supply chain agreement – which entered into force in February 2024 – while negotiations on the clean economy and fair economy agreements were concluded in 2023, and that the pacts will be signed on June 6.