Asia

S'pore, Australia, NZ and US discuss opportunities for economic cooperation in Indo-Pacific

SINGAPORE – Trade and Industry Minister Gan Kim Yong met his Australian, New Zealand and United States counterparts in Singapore on Wednesday (Nov 17) to discuss opportunities to expand economic cooperation in the Indo-Pacific region.

Mr Gan, Australia’s Minister for Trade, Tourism and Investment Dan Tehan, New Zealand Minister for Trade and Export Growth Damien O’Connor, and US Secretary of Commerce Gina Raimondo explored opportunities to expand economic cooperation among like-minded partners in the region in an “open and inclusive manner”, said a joint ministerial statement by the four countries on an Indo-Pacific Economic Framework.

They also talked about the need to strengthen economic ties, improve connectivity, address climate change challenges, and support post-pandemic economic recovery.

“During the meeting, they discussed the need for a continued focus on economic resilience, competitiveness, inclusion and sustainability to support prosperity in the region for all our people and businesses,” said the statement.

The leaders also agreed to continue strengthening efforts to address shared priorities for countries in the Indo-Pacific region. These include enhancing supply chain resilience, promoting infrastructure investment, and growing the digital and green economies.

Ms Raimondo said an Indo-Pacific economic framework could be launched at the start of next year.

“We are likely to launch a more formal process in the beginning of next year, which will culminate in a proper economic framework in the region,” she said on Wednesday at the Bloomberg New Economy Forum in Singapore.

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