Intervention by PM Lee Hsien Loong at the IPEF Leaders' Meeting 2023

President Biden

Excellencies

I thank President Biden for the invitation to be at this milestone of the Indo-Pacific Economic Framework for Prosperity (IPEF).

Singapore welcomes the IPEF’s forward-looking and positive agenda on economic cooperation in the Indo-Pacific. IPEF is a strategic platform for the US’ continued commitment to engage with its partners in Asia, and deepen ties in the region. It demonstrates our shared commitment to an open, inclusive and rules-based order that is stable, secure and prosperous.

Singapore welcomes the innovative agreements on supply chain resilience, clean economy and the fair economy. These will enhance the trade and investment environments in our economies for businesses, for workers, and for other stakeholders.

We will also welcome progress on the Trade agreement. Trade is the lifeblood of the global economy. And the Trade pillar is an integral part of the IPEF agreement and of the US’ economic and strategic engagement in the region. But developing new and creative approaches to trade policy is not easy, and it takes time in order to carefully work through sensitive areas, and to choose the best moment to commit to the deal. Therefore, we look forward to further progress in the negotiations as well as in tangible cooperation next year.

Singapore is honoured to have been able to contribute to shaping the IPEF. We will continue to work closely with partners to implement the IPEF Agreements and initiatives. Singapore is happy to host the inaugural IPEF Clean Economy Investor Forum in the first half of 2024. In order to help match capital to climate-critical projects to advance decarbonisation and transition to net-zero economies. And also, to complement the IPEF Climate Fund and IPEF Catalytic Capital Fund established by President Biden, to develop and finance climate-related projects in the region.

The IPEF should continue to be open, inclusive and flexible, including towards new members.

And we look forward to: Continued commitment from all partners, to deliver tangible benefits and to build up the IPEF with high ambition, new ideas and strong people-to-people ties; and to drive regional economic integration, and enable all of us to progress forward into a new era of partnership.

Thank you.