Australia, the United States and Japan have announced a trilateral partnership to invest in projects in the Indo-Pacific region that would build infrastructure, address development challenges, increase connectivity, and promote economic growth.
This trilateral partnership is in recognition that more support is needed to enhance peace and prosperity in the Indo-Pacific region.
The Australian Government through the Department of Foreign Affairs and Trade, the United States Overseas Private Investment Corporation (OPIC), and the Japanese Bank for International Cooperation issued the following statement on the trilateral partnership on 30 July 2018:
“The United States, Japan, and Australia have formed a trilateral partnership to mobilise investment in projects that drive economic growth, create opportunities, and foster a free, open, inclusive and prosperous Indo-Pacific. We share the belief that good investments stem from transparency, open competition, sustainability, adhering to robust global standards, employing the local workforce, and avoiding unsustainable debt burdens.
“We will uphold these principles as we mobilise investment in infrastructure, such as energy, transportation, tourism, and technology that will help stabilize economies, enhance connectivity, and provide lasting benefits throughout the region. To deepen this trilateral partnership, we are currently developing a framework for cooperation. OPIC is also placing a representative in the U.S. Embassy in Tokyo, Japan.
“As we look to the future, this partnership represents our commitment to an Indo-Pacific region that is free, open and prosperous. By working together, we can attract more private capital to achieve greater results.”
The partnership builds on the MOU to support infrastructure investment in the Indo-Pacific signed between DFAT and OPIC during the visit to Washington DC of the Prime Minister, the Hon Malcolm Turnbull MP, in February this year.
We look forward to formalising this trilateral partnership in due course.
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