Global Outlook

 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 o...