US briefs Bangladesh on Indo-Pacific economic framework

In the latest diplomatic development, the United States has briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF).

Responding to the move, Bangladesh has welcomed additional information on the supply chain resilience and decarbonization pillars of the IPEF, reports UNB.

Bangladesh also sought U.S. technical assistance to sustainably explore its ocean resources and further develop its blue economy in pursuit of environmental protection and economic prosperity.

The issues came up for discussion at the second Bangladesh-US high-level economic consultation held in Washington, DC on Thursday.

Adviser for Private Industry and Investment to the Prime Minister Salman F. Rahman and US Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez co-chaired the discussion.

US President Joe Biden launched the IPEF with a dozen initial partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Together, they represent 40% of world GDP.

Earlier on Wednesday, US Ambassador to Bangladesh Peter Haas said there will be opportunities for other countries to join in the recently launched IPEF.

There have been consultations with the Ministry of Foreign Affairs in March regarding the IPEF and the ambassador hoped that Bangladesh will follow it closely.

Both countries share a common vision of a free, open, inclusive, peaceful, and secure Indo-Pacific region with shared prosperity for all, according to a joint statement issued by the US Department of State on Friday after the high-level economic consultation.

Bangladesh highlighted that resumption of non-stop flights between New York City and Dhaka is a high priority.

Both sides are committed to taking the next steps to move this forward at the earliest.