U.S. President Joe Biden on Monday launched an Indo-Pacific economic initiative joined by a dozen countries including Japan, setting the stage for deeper engagement in the fast-growing region where China is expanding its clout. The Indo-Pacific economic framework, or IPEF, is touted by the United States as a "21st-century economic arrangement" that will tackle new challenges ranging from setting standards for the digital economy, ensuring secure supply chains and helping make major investments for clean energy transition.
