SAN FRANCISCO: The Indo-Pacific Economic Framework's (IPEF) 14 member countries have signed the supply chain agreement, marking the entry of the trade deal led by the United States (US) sealed in record time.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said it is now vital to send a strong signal on the tangible benefits of the IPEF.
"Not only to the partners but to the rest of the world on what we can collectively accomplish under this Framework," he said after the signing ceremony here on Tuesday (Nov 14) on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.
The 14 countries are Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, the US and Vietnam.
The IPEF consists of four main pillars: Pillar 1 - Trade, Pillar 2 - Supply Chain, Pillar 3 Clean Energy and Pillar 4 - Fair Economy.
IPEF negotiations will see four separate agreements for each of these pillars.
"Not only did we conclude and sign this first-of-its-kind agreement, but we also accomplished this in record time and will potentially have it enter into force in record time as well," said Tengku Zafrul.
The minister said that in addition to this remarkable success, the Pillar 3 and Pillar 4 agreements have been substantially concluded as well as the Indo-Pacific Economic Framework for Prosperity agreement in an equally impressive time.
"While we certainly deserve to celebrate all these accomplishments, it is also time to step on the gas pedal and move to the next phase - the implementation of all that we have negotiated and agreed upon.
"Malaysia is cognisant of the due processes that are required before we can sign and ratify the Pillar 3 and Pillar 4 agreements," he said
Tengku Zafrul said Malaysia could also begin undertaking the preparatory work for activating the implementation mechanism, such as the supply chain bodies and the committees established under the four pillars.
On that note, he registered Malaysia's appreciation to Australia for its initiative to kickstart the capacity-building work with the "IPEF Supply Chain Crisis Tabletop Exercise", conducted at the sidelines of the recent Kuala Lumpur round.
The minister said that these exercises are critical for assessing the readiness of partners in dealing with potential crises going forward.
Recognising the importance of climate-related infrastructure
Tengku Zafrul said Malaysia also welcomes the proposed annual IPEF Clean Economy Investor Forum, with the first meeting scheduled to take place in the first half of 2024.
He said Malaysia has always emphasised the importance of financing to catalyse the energy transition, the adoption of climate technologies and investment in climate-resilient infrastructure and initiatives.
Although Malaysia also welcomes the establishment of the IPEF Catalytic Capital Fund, it is important to recognise that climate-related infrastructures are not always bankable, but they are critical, especially for many developing partner countries, said Tengku Zafrul
"The increasing climate-related disasters globally are clear indications of the existential threat faced by the more vulnerable developing partners.
"Therefore, Malaysia would like to propose that we explore appropriate funding mechanisms to implement climate infrastructure projects that could also include multilateral financial institutions," he said.
The focus on innovative clean technologies, including carbon capture utilisation and storage (CCUS), will play an important role in reducing greenhouse gas (GHG) emissions in the IPEF region, said Tengku Zafrul.
He said although the CCUS has been identified as a potential technology for removing GHG in Pillar 3, there has been limited work done in cross-border storage.
"Therefore, Malaysia would like to encourage work in establishing an internationally recognised governance and accounting framework to enable this.
"I am optimistic that we will be able to carry out our work and maintain the same momentum and tenacity demonstrated in the past year when negotiating the Pillar 2 agreement," he added.
-- BERNAMA
Bernama
Thu Nov 16 2023
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said it is now vital to send a strong signal on the tangible benefits of the IPEF. - BERNAMA
'Tersentuh tengok golongan OKU penglihatan tunai umrah’ - Mohd Na’im
"Moga terkabul segala hajat sahabat-sahabat OKU penglihatan menunaikan ibadat umrah dan ziarah."
PM Anwar yakin terhadap IsDB dalam tangani ketidaksamaan, marginalisasi umat Islam
Bank itu mempunyai peranan untuk menangani isu ketidakadilan, ketidaksamaan dan marginalisasi terutamanya dalam kalangan umat Islam.
Harumanis antara tarikan utama Agrofiesta 2024
Mangga harumanis dan produk makanan berasaskan mangga antara tarikan utama pada penganjuran Agrofiesta 2024.
NIOSH sedia beri khidmat nasihat depani cabaran perubahan iklim
NIOSH bersedia memberikan khidmat nasihat serta rundingan bagi membantu kerajaan, majikan dan pekerja menghadapi cabaran berkaitan perubahan iklim.
Malaysia negara pertama terima visa haji
Malaysia menjadi negara pertama yang menerima pengeluaran visa haji daripada Kementerian Haji dan Umrah Arab Saudi bagi jemaah musim haji 1445H/2024.
Menteri Indonesia bincang isu pekerja migran dengan rakan sejawat dari Malaysia
Fauziyah harap Steven akan membawa penambahbaikan kepada dasar berkaitan tenaga kerja Indonesia.
Pahang peruntuk RM1.5 juta bantuan tunai bakal jemaah haji
Sebanyak 1,588 jemaah haji Pahang menerima sumbangan 'duit poket' berjumlah RM750 seorang bagi membantu meringankan beban bakal haji dalam melakukan persiapan melaksanakan rukun Islam kelima itu.
PRK Kuala Kubu Baharu: Pengundi jangan mudah percaya taktik fitnah - Ramanan
Ramanan berkata pengundi perlu lebih berhati-hati, dan sentiasa menyemak fakta apabila mendengar kempen politik yang dilakukan pihak lawan.
KEDA berhasrat tanam padi wangi, padi huma tahun ini
Lembaga Kemajuan Wilayah Kedah (KEDA) berhasrat membangunkan tanaman padi wangi dan padi huma di beberapa kawasan pertanian dalam wilayahnya, tahun ini.
Mesyuarat perundingan Enam Pihak Arab bincangkan perkembangan di Gaza
Mesyuarat perundingan Jawatankuasa Enam Pihak Arab itu membincangkan perkembangan serangan Israel ke atas Semenanjung Gaza.
MITI: RM58.91 juta diagihkan kepada PKS pada suku pertama bagi automasi dan pemodenan
Jumlah peruntukan bagi pinjaman mudah itu ialah RM150 juta untuk 30 syarikat dalam sektor pembuatan dan perkhidmatan berkaitan pembuatan.
Tengku Zafrul diberi tugas khas - Zahid Hamidi
Tengku Datuk Seri Zafrul Abdul Aziz diberi tugas khas untuk menyusun strategi aktiviti politik di luar kerangka UMNO dan Barisan Nasional (BN).
Zafrul dapatkan nasihat undang-undang mohon fail afidavit, betulkan kesilapan fakta
Tengku Datuk Seri Zafrul Tengku Abdul Aziz akan membuat permohonan kepada Mahkamah Tinggi untuk meminta kebenaran bagi memfailkan afidavitnya untuk memperbetulkan beberapa kesilapan fakta.
Malaysia berpotensi menjadi negara berpendapatan tinggi menjelang 2030 - Amro
Malaysia berdedikasi untuk menarik syarikat berteknologi tinggi dan menggalakkan kemajuan rantaian nilai dalam industri sedia ada.
Tengku Zafrul bakal bertemu CEO Microsoft, usaha jadikan Malaysia Hab Digital ASEAN
Beliau berkata Satya akan berkunjung ke negara ini tidak lama lagi bagi mengukuhkan kerjasama tersebut.
Peluang luas bagi Malaysia perkasa sektor E&E susulan kemelut AS-China - Tengku Zafrul
Sehubungan itu, adalah wajar bagi Malaysia memanfaatkan kesempatan itu, apalagi dengan kedudukannya yang telah lama menceburi sektor E&E.
Majoriti pelaburan diluluskan dalam sektor pembuatan disumbang pengembangan operasi sedia ada - Tengku Zafrul
Majoriti pelaburan diluluskan dalam sektor pembuatan tahun lepas disumbang daripada pengembangan operasi perniagaan sedia ada.
MITI-MIDA rancang kerjasama dengan institusi China rancakkan pelaburan dua hala
Tengku Zafrul berkata ia bertujuan mengukuhkan aliran pelaburan selain menggalakkan syarikat China meneroka peluang di Malaysia.
Malaysia, UAE bakal meterai CEPA Jun ini - Tengku Zafrul
Beliau berkata satu MoU telah ditandatangani pada Januari untuk mewujudkan rangka kerja bagi kerjasama pelaburan dalam sektor infrastruktur digital.
Tengku Zafrul jawab netizen persoal hasil pelaburan
Ujar Tengku Zafrul, ia bukan perkara mudah kerana banyak proses perlu dilakukan terlebih dahulu sebelum negara dapat memperoleh keuntungan.