Intervention by PM Lee Hsien Loong at the Virtual Launch of the Indo-Pacific Economic Framework

President Biden

Excellencies

I would like to thank President Biden for inviting Singapore to participate in the launch of the Indo-Pacific Economic Framework, or IPEF.

Singapore welcomes the IPEF. We have always upheld an open, inclusive and rules-based order that is stable, secure and prosperous.

The IPEF is of both strategic and economic significance. It can be a valuable platform for the US to exercise economic diplomacy in the region, and it clearly signals the US' continued commitment to engage with its partners in Asia, and deepen ties across the Pacific.

I am happy that the IPEF contains a forward-looking and positive agenda on economic cooperation. The four pillars include issues that will resonate strongly in the region. In particular, they will also cover cooperation in the digital economy and the green economy, which show promise of growth.

It is important that the IPEF remains open, inclusive, and flexible. Enabling members to continue working with many other partners, in overlapping circles of cooperation, and leaving membership open to others to join later on, as and when they are ready to do so.

We look forward to working closely with the United States and other partners to flesh out the IPEF. We hope that in due course, it will lead on to even greater and more ambitious economic engagement between the United States and the region.

Thank you very much.

* * * * *