Dhaka studies IPEF focusing on country’s interest: Momen

Foreign Minister AK Abdul Momen has said Bangladesh is still studying the different aspects of recently launched Indo-Pacific Economic Framework for Prosperity (IPEF) to know what such initiative does offer.

He made the remarks while responding to a question when a small group of reporters approached him to know Bangladesh’s stand and whether it will be beneficial for the country to join.

“We’ll work to protect our own country’s interest,” Momen said, adding that many may give different suggestions.

He said they have a leader like Prime Minister Sheikh Hasina who never compromises with the country’s interest.

Momen also referred to her decision to build Padma Bridge with own resources. “We’re very happy that we have very strong leadership.”

Earlier, US ambassador to Bangladesh Peter Hass 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.

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.

The framework will focus on four key pillars - connected economy, resilient economy, clean economy and fair economy - to establish high-standard commitments that will deepen US’ economic engagement in the region, according to White House fact sheet.

Responding to a question, the foreign minister said they will also listen to advice that comes from others as there is no problem to hear.

Talking about various aspects of the IPEF, he said the initiative put emphasis on supply chain resilience, data management, combating corruption and money laundering and free and fair trade in the Indo-Pacific.

Momen said Bangladesh has no observation regarding supply chain and inclusive and open navigation in indo-pacific area for free trade. “We also want no disruption in the supply chain.”

The foreign minister said it is a good sign that IPEF wants to put emphasis on the money laundering issue as most of the banks in western countries do not disclose account information of foreign nationals due to their privacy acts.

Responding to a question, the foreign minister said they will also listen to advice that comes from others as there is no problem to hear.

Talking about various aspects of the IPEF, he said the initiative put emphasis on supply chain resilience, data management, combating corruption and money laundering and free and fair trade in the Indo-Pacific.

Momen said Bangladesh has no observation regarding supply chain and inclusive and open navigation in indo-pacific area for free trade. “We also want no disruption in the supply chain.”

The foreign minister said it is a good sign that IPEF wants to put emphasis on the money laundering issue as most of the banks in western countries do not disclose account information of foreign nationals due to their privacy acts.