Washington briefs Dhaka on Indo-Pacific Economic Framework

The United States has briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF), recently launched by the United States (US) with 12 other countries of the Indo-Pacific region, including India.

Bangladesh welcomed additional information on the supply chain resilience and decarbonisation pillars of the IPEF, reports news agencies UNB and BSS.

“The United States briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF), and Bangladesh welcomed additional information on the supply chain resilience and de-carbonisation pillars of the IPEF,” said a joint statement, issued after 2nd High-Level Economic Consultation (HLEC) between Bangladesh and the US held in Washington DC on Thursday.

During the meeting, both countries shared a common vision of a free, open, inclusive, peaceful, and secured Indo-Pacific region with shared prosperity for all, added the statement.

Bangladesh also sought US technical assistance to sustainably explore its ocean resources and further develop its blue economy in pursuit of environmental protection and economic prosperity.

The issues came up for discussion at the second Bangladesh-US high-level economic consultation held in Washington, DC on Thursday.

Prime Minister Sheikh Hasina’s adviser for Private Industry and Investment, Salman F. Rahman, and US Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez co-chaired the discussion.

The IPEF is a new concept that seeks to start negotiations and discussions on four key pillars - supply chain resilience that hard hit by Covid-19 and Ukraine war; clean energy and de-carbonization; check corruption; and digital trade and emerging technologies.

Earlier, on Wednesday, US Ambassador to Bangladesh Peter Haas said there will be opportunities for other countries to join in the recently launched IPEF.

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.

Bangladesh highlighted that resumption of non-stop flights between New York City and Dhaka is a high priority.

Both sides are committed to taking the next steps to move this forward at the earliest.