Singapore welcomes proposed Indo-Pacific Economic Framework with US: PM Lee & More News Here

WASHINGTON: The Indo-Pacific Economic Framework (IPEF) proposed by the US must be “inclusive” and supply “tangible benefits” to encourage wider participation, stated Singapore Prime Minister Lee Hsien Loong on Thursday (May 12).

Singapore welcomes the proposed framework, stated Mr Lee, talking at an engagement with the US-ASEAN Business Council and the US Chamber of Commerce.

The IPEF goals to set regional requirements for cooperation, and contains the Association of Southeast Asian Nations (ASEAN) member states. The new US financial technique for the Indo-Pacific is predicted to be formally launched when US President Joe Biden visits Japan later this month.

President Biden had beforehand introduced at a digital summit with ASEAN in October 2021 that Washington would begin talks about growing the IPEF.

“It needs to be inclusive and provide tangible benefits to encourage wider participation and it should cover cooperation in areas like digital and green economies and infrastructure because these issues will resonate strongly in the region,” stated Mr Lee in the course of the engagement on Thursday.

“We encourage greater ASEAN participation in the IPEF and we hope the US will directly invite and engage ASEAN member states in this endeavour.”

This engagement is a part of the Mr Lee’s five-day working go to to Washington DC from May 10 to May 14 to attend the ASEAN-US Special Summit hosted by President Biden.

The Summit was initially scheduled for March. This is the second Special Summit between the US president and ASEAN leaders since 2016.

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Including Mr Lee, eight ASEAN leaders are anticipated to participate within the summit. Myanmar’s chief was excluded, in line with ASEAN’s earlier place, and the Philippines is represented by its overseas affairs secretary following its latest presidential election.

President Biden has promised to spend US$150 million on ASEAN infrastructure, safety, pandemic preparedness and different efforts.

This features a US$40 million funding in infrastructure supposed to assist decarbonise ASEAN’s energy provide, US$60 million in maritime safety, and US$15 million in well being funding to help in early detection of COVID-19 and different respiratory pandemics.

The US President welcomed leaders from Singapore, Brunei, Indonesia, Cambodia, Thailand, Laos, Vietnam, Malaysia and the Philippines for dinner on the White House on Thursday night, forward of their assembly with him on Friday the place they’re anticipated to trade views on regional and world points.

Singapore welcomes proposed Indo-Pacific Economic Framework with US: PM Lee & More Latest News Update

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Singapore welcomes proposed Indo-Pacific Economic Framework with US: PM Lee & More Live News

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