Biden Declares Launch of Indo-Pacific Economic Framework

Tokyo, May 23 (Jiji Press)--U.S. President Joe Biden officially announced in Tokyo on Monday the launch of the Indo-Pacific Economic Framework, aimed at breaking away from excessive dependence on China in light of economic security.

The U.S.-led initiative is intended to build a new economic order together with democratic allies and partners in Asia, after Washington's withdrawal from the Trans-Pacific Partnership free trade framework in 2017 under the administration of then U.S. President Donald Trump.

Japanese Prime Minister Fumio Kishida has announced that Japan will join the IPEF, which will bring participating nations under common trade and investment rules in four areas--trade including the digital economy, supply chains, infrastructure and decarbonization, and taxation and anti-corruption measures.

Initially, 13 countries, including Japan, the United States, India, South Korea, Australia, New Zealand, Indonesia and Singapore, are seen taking part in the IPEF.

The 13 nations account for about 40 pct of world gross domestic product, higher than the proportion for the Regional Comprehensive Economic Partnership among 15 nations including Japan, China and South Korea, and that for the 11-member TPP including Japan and Australia.

[Copyright The Jiji Press, Ltd.]