The US is about to launch a new business initiative for Asia Pacific – VnExpress

President Biden will launch the Indo-Pacific Economic Framework (IPEF) during his visit to Japan, which aims to improve economic connectivity in the region.

US President Joe Biden begins an official visit to Japan today and will meet with Prime Minister Fumio Kishida. The visit will focus on the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF), a program that unites Asian nations through common standards in areas such as securing supply chains, clean energy, infrastructure and digital trade.

IPEF is expected to start today at 16:30 (14:30 Hanoi time) after the meeting between President Biden and Prime Minister Kishida. This is a trade initiative that can help the US strengthen its presence and reassert its strategic strength in Asia, as well as a framework for building a group of tight-knit trading partners in Asia-Pacific.

Mr Biden said 13 countries including the US and Japan would join the IPEF but gave no details on the rest. “This framework demonstrates our commitment to work with our partners and close friends in the region to address the key challenges to economic competitiveness in the 21st century,” said the US President.

President Biden during talks with Prime Minister Kishida in Tokyo today.  Photo: AFP.

President Biden during talks with Prime Minister Kishida in Tokyo today. Picture: AFP.

The initiative was launched about seven months after it was announced by Mr. Biden at the East Asia Summit (EAS), which is scheduled to take place online in October 2021. This is considered one of the pillars of the Biden administration’s Indo-Pacific strategy.

Unlike traditional trading blocs, IPEF members do not need to negotiate tariffs and expand market access. Instead, the initiative aims to engage trading partners in agreed standards in four key areas, including digital economy, supply chains, clean energy infrastructure and countermeasures.

The White House has not yet announced how many countries will sign the IPEF.

During his talks with Prime Minister Kishida in Tokyo today, President Biden underscored the close ties between the two countries. “The US-Japan alliance has long been a pillar of peace and prosperity in the Indo-Pacific. The US has always been committed to ensuring Japan’s defenses,” he said.

Leaders of the two countries are expected to discuss a plan to boost Japan’s defense capabilities in the context of China’s increasing investment in boosting military power in the region.

US President Joe Biden is making his first trip to Asia since taking office. Following his visit to South Korea, Mr. Biden traveled to Japan and is expected to attend a meeting of the Quartet, a security mechanism put in place by the US, Japan, Australia and India to respond to China’s growing influence in the Asia-Pacific region.

The United States considers Japan and South Korea, two close allies, important to build an “alliance of like-minded countries” to counter China’s and North Korea’s influence in the region. While US Secretary of State Antony Blinken was focused on responding to Russia’s military campaign in Ukraine, on March 3 he called China’s rise “the greatest geopolitical test of the 21st century.”

vu appendix (Corresponding Reuters)