US launches new Asia-Pacific economic initiative, the first 13 countries to join
U.S. president Joe Biden announced the launch of a new Asia-Pacific trade network with the first 13 countries registering to participate.
“The United States and Japan, along with 11 other countries, will launch the Indo-Pacific Economic Framework (IPEF). This framework is a commitment to work with our close friends and partners in the future. region, on the most important challenges to ensuring economic competitiveness in the 21st century,” Biden said in a statement in Japan on May 23.
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US President Joe Biden at a press conference in Japan on May 23 AFP |
The US leader did not specify which country signed the IPEF. Unlike traditional trade organisations, IPEF members will not negotiate tariffs or market access. Instead, the partners will work together through mutually agreed standards in four key areas: the digital economy, supply chains, clean energy infrastructure and anti-corruption.
The IPEF is expected to provide US allies and partners with an alternative to the growing commercial presence of the US. China in Asia-Pacific.
China has criticized the IPEF as an attempt to create a closed group. However, US National Security Adviser Jake Sullivan rejected this claim, saying that the IPEF was designed and defined as an open forum.
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