IPEF Deals on Clean, Fair Economy to Take Effect in Oct.

Washington, Sept. 23 (Jiji Press)--Agreements on clean economy and fair economy under the Indo-Pacific Economic Framework for Prosperity will take effect on Oct. 11 and 12, respectively, the U.S. Commerce Department said Monday.

Clean economy, aimed at achieving decarbonization, and fair economy, designed to prevent corruption and tax evasion, are two of the four pillars of IPEF, a U.S.-led initiative among the 14 member economies including Japan and Australia.

Several member countries, including the United States, have completed their domestic procedures on the clean and fair economy agreements. Japan has finished its procedure on the clean economy agreement.

Of the two other pillars, the agreement on supply chains has already been put into force. With the effectuation of the clean and fair economy agreements, the IPEF initiative will come into full-swing as a framework for economic cooperation to counter China's increasing hegemonic moves.

The 14 member economies held an online ministerial meeting Monday to confirm the status of procedures in each country and discussed specific measures, such as decarbonization projects to be promoted in the region and technical assistance to prevent corruption, according to the department.

[Copyright The Jiji Press, Ltd.]