SINGAPORE – Alongside the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meetings in Singapore, US secretary of commerce Gina Raimondo and Australian minister for trade and tourism, senator Don Farrell, met on June 6, 2024, for the third annual ministerial meeting of the Australia-United States Strategic Commercial Dialogue.
The secretary and minster reiterated the value of the Dialogue as a key mechanism to discuss shared Australian–United States economic and commercial objectives and committed to work together to support an open, stable, and prosperous Indo-Pacific region.
The secretary and minister reiterated their strong commitment to the IPEF. Both commended the strong progress to date, including the signing of the IPEF Agreement Relating to a Clean Economy, IPEF Agreement Relating to a Fair Economy, and Agreement on the Indo-Pacific Economic Framework for Prosperity. They agreed the signing of these agreements marks another major milestone and paves the way for closer cooperation on matters of critical importance to the Indo-Pacific region. They also noted the success of the inaugural IPEF Clean Economy Investor Forum, which links industry and investors with climate technology and infrastructure projects.
The secretary and minister reviewed progress made by Australia and the United States in taking decisive action to reduce carbon emissions and committed to continue to cooperate closely under the Australia-United States Climate, Critical Minerals and Clean Energy Transformation Compact. They noted the high level of ambition in this area reflected in the US Inflation Reduction Act and the A Future Made in Australia agenda and recognized the importance of promoting the complementarity of these initiatives to investors and our private sectors.
The secretary and minister reaffirmed the importance of strengthened cooperation on economic security in their discussions on trade, trade-distorting subsidies, national security issues tied to investment flows and continuing cooperation on investment screening, unfair trade practices and unfair competition.
The secretary and minister agreed on the ongoing importance of the annual Australia-US strategic trade controls dialogue, recognizing this platform allows frank and productive conversations on dual-use technology export controls, including shared objectives and approaches with other partners.
