Biden to Announce Launch of Indo-Pacific Economic Framework
Washington, May 17 (Jiji Press)--U.S. President Joe Biden will announce the launch of the Indo-Pacific Economic Framework, a U.S.-led regional grouping, during his trip to Japan starting Sunday, Commerce Secretary Gina Raimondo said Tuesday.
Japan is expected to participate in the framework, which Biden proposed at the East Asia summit in October.
The United States aims to use the framework to fill the regional vacuum created by its 2017 withdrawal from the Trans-Pacific Partnership free trade deal, including Japan, and counter China's increasing influence in the region.
Biden will launch the framework while in Japan, Raimondo said at a press conference.
Under the framework, participants will create common rules on trade and investment. The IPEF will have four pillars--trade, supply chains, infrastructure and decarbonization, and tax and anticorruption.
[Copyright The Jiji Press, Ltd.]