US unveils Asia-Pacific trade framework

 

US President Joe Biden launched a new Asia-Pacific trade initiative Monday in Tokyo, with 13 countries including India and Japan signed up.

Biden formally unveiled the Indo-Pacific Economic Framework for Prosperity, or IPEF, on his second day in Japan, where he held talks with Prime Minister Fumio Kishida ahead of a regional Quad summit on Tuesday.

Unlike traditional trade blocs, there is no plan for IPEF members to negotiate tariffs and ease market access — a tool that has become increasingly unpalatable to US voters fearful of seeing homegrown manufacturing undermined.

Instead, the programme foresees integrating partners through agreed standards in four main areas: the digital economy, supply chains, clean energy infrastructure and anti-corruption measures.

The starting list of members in addition to the United States is Australia, Brunei, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.

© Agence France-Presse