APEC Partners Make Record Progress on Framework Agreement
EconomyEconomic DevelopmentIn May 2022, negotiations on a framework agreement were launched among 13 APEC partners, resulting in substantial progress in record time. Consensus was reached on three pillars of the framework, including a supply chain agreement to prevent disruptions. The agreement aims to mobilize private investment, drive a race to the top on standards, and welcome other nations to join the vision for a stronger economy. The framework demonstrates a shared commitment to an open, inclusive, and rules-based order that is stable and prosperous, with agreements on supply chain resilience, clean economy, and fair economy enhancing trade and investment environments.
Key Achievements of the Framework Agreement
⭐️Negotiations on the framework were launched in May 2022 with 13 APEC partners
✅Substantial progress made in record time
🌐Consensus reached on three pillars of the framework, including a supply chain agreement to prevent disruptions
Vision for a Stronger Economy in the Pacific
💼The need to mobilize private investment to create a pipeline of projects in partner countries.
🚀Driving a race to the top among nations in the Pacific on standards, transparency, inclusivity, and innovation.
🤝Welcoming other nations to join the 13 countries sharing the vision for a stronger economy.
FAQ
What is the main goal of the framework agreement?
The main goal is to create a stable and prosperous open, inclusive, and rules-based order.
How will the agreement enhance trade and investment environments?
The agreement includes provisions for supply chain resilience, clean economy, and fair economy.
What progress has been made on trade agreements?
Progress on trade agreements is also welcomed.
Which countries are involved in the framework agreement?
Thirteen APEC partners are involved in the agreement.
What is the timeline for the implementation of the framework agreement?
The timeline for implementation has not been specified yet.
Summary with Timestamps
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In May 2022, negotiations on a framework agreement were launched among 13 APEC partners, resulting in substantial progress in record time. Consensus was reached on three pillars of the framework, including a supply chain agreement to prevent disruptions. The agreement aims to mobilize private investment, drive a race to the top on standards, and welcome other nations to join the vision for a stronger economy. The framework demonstrates a shared commitment to an open, inclusive, and rules-based order that is stable and prosperous, with agreements on supply chain resilience, clean economy, and fair economy enhancing trade and investment environments.
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