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US President Joe Biden Launches Asia-Pacific Trade Agreement With 12 Asian Nations

 United States President Joe Biden on Monday said that 12 Asian countries will join a new US-led Asia-Pacific trade initiative. The alliance is deemed to counter a more assertive China in the region.

Biden unveiled the Indo-Pacific Economic Framework (IPEF) in Japan after meeting Prime Minister Fumio Kishida. At a press conference, Biden said, "The United States, Japan, and 11 other nations have launched the Indo-Pacific Economic Framework for Prosperity.” 

Indo-Pacific Economic Framework members

Jake Sullivan, the US national security adviser, said allies like Japan, Australia, New Zealand and South Korea would join the agreement. Other south-east Asian nations: India, Singapore, Malaysia, Indonesia, Vietnam, the Philippines, Thailand, and Brunei will also join the Indo-Pacific Economic Framework. These nations represent 40 percent of the global economy.

Importance of the trade agreement

Reportedly, the framework will help countries together to negotiate the various aspects of the trade. According to Sullivan, the Indo-Pacific will be the biggest driver of global growth for 30 years. Japan views the IPEF as symbolically critical for the US to maintain economic influence in the region.

According to the US, the IPEF contains four pillars: trade; supply chains; clean energy and infrastructure; and tax and anti-corruption. It will also be helpful for climate change, supply chain resilience, and digital trade.

Reportedly, the US did not ask Taiwan to join the trade agreement because other south-east Asian countries were concerned about antagonizing China. Taiwan was left out of the initial talks. 

China is part of a separate trade deal in the region, the 15-member Regional Comprehensive Economic Partnership (RCEP,) which also includes Japan, South Korea, and 10 ASEAN members. 

List of countries who will be 'initial partners' of the IPEF released:

1.  US

2. Australia

3. Brunei

4. India

5. Indonesia

6. Japan

7. South Korea 

8. Malaysia

9. New Zealand

10. Philippines

11. Singapore

12. Thailand

13. Vietnam

US President Joe Biden Launches Asia-Pacific Trade Agreement


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