United States Working with Indo-Pacific Partners to Build Economic Resilience
The United States is actively collaborating with its trading partners in the Indo-Pacific region to foster economic resilience, according to U.S. Trade Representative Katherine Tai.
Tai shared that the Indo-Pacific Economic Framework (IPEF) initiative, initiated by President Joe Biden in May last year, will soon announce several upcoming initiatives. She revealed this information to AsumeTech’s Martin Soong during the G7 trade ministers’ summit in Osaka, Japan.
Tai emphasized the necessity of cooperating with Indo-Pacific partners to address the economic challenges faced by the International Monetary Fund (IMF) and to promote sustainability, resilience, and inclusivity.
Recognizing the urgency, Tai stated, “We also understand that waiting for five or seven years for a massive trade negotiation to be completed is not feasible.”
The Indo-Pacific Economic Framework (IPEF)
The IPEF serves as the Biden administration’s primary economic strategy in Asia. The United States has formed partnerships with the following countries as part of this initiative: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
This U.S.-led initiative aims to strengthen relationships and address significant economic and trade matters within member states. Furthermore, it is viewed as a response to China’s influence in the region.
Upcoming Initiatives
Tai announced that specific details regarding the IPEF initiatives will be disclosed during the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco next month. However, she did not provide any further information at the moment.
It has been reported that leaders from the United States and China have agreed to work towards a potential meeting at the APEC summit, following China President Xi Jinping’s absence from the annual Group of 20 summit in India.