There have been consultations with the ministry of foreign affairs in March regarding the IPEF and the ambassador hoped that Bangladesh will follow it closely.

US president Joe Biden launched the IPEF with a dozen initial partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Together, they represent 40% of world GDP.

The framework will focus on four key pillars - connected economy, resilient economy, clean economy and fair economy - to establish high-standard commitments that will deepen US’ economic engagement in the region, according to White House fact sheet.

Talking about various aspects of the IPEF, he said the initiative put emphasis on supply chain resilience, data management, combating corruption and money laundering and free and fair trade in the Indo-Pacific.

Momen said, “We also want no disruption in the supply chain.”

The foreign minister said it is a good sign that IPEF wants to put emphasis on the money laundering issue as most of the banks in western countries do not disclose account information of foreign nationals due to their privacy acts.

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