URGENT: Biden hails substantial progress on U.S.-led IPEF economic initiative

U.S. President Joe Biden hailed Thursday the "substantial progress" made with 13 other Indo-Pacific countries on his signature economic initiative. Speaking in San Francisco together with the leaders of the countries participating in the Indo-Pacific Economic Framework, Biden added, "We still have more work to do." Japanese Prime Minister Fumio Kishida, who spoke after the president, said the initiative, known as IPEF, is "essential for the sustainable economic growth of the region," reflecting "the needs of today."