Singapore inks IPEF supply chain agreement

Singapore also okays the substantial conclusion for clean and fair economy agreements.

Minister for Trade and Industry Gan Kim Yong participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting in San Francisco, California on 13 and 14 November 2023. 

Minister Gan and the 13 other IPEF Ministers signed the IPEF Supply Chain Agreement concluded in May 2023.

This arrangement will strengthen the connectivity of supply chains through collective action. IPEF partners will bring the agreement through their respective domestic ratification procedures for implementation.

The Ministers also welcomed the substantial conclusion for the IPEF Clean Economy Agreement and IPEF Fair Economy Agreement. 

The Clean Economy Agreement will accelerate deployment of clean energy technology, promote sustainable transport, and promote carbon market activities, amongst others.

Meanwhile, the Fair Economy Agreement will strengthen the implementation of anti-corruption measures and taxation initiatives to boost commerce, trade, and investment.

These agreements will undergo legal scrubbing before they are signed and subsequently ratified. Ministers will meet annually to oversee the implementation of the IPEF. 

“Singapore joins partners in celebrating significant outcomes from the IPEF that give us a firm foundation to further deepen regional cooperation. The signing of the Supply Chain Agreement, and the substantial conclusion of the Clean Economy and Fair Economy agreements, will create opportunities for Singapore businesses and help them expand in the region and internationally,” Minister Gan said.