Commentary
U.S. President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) on May 23. The pact, we’re told, “seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.”
Participating countries include South Korea, Australia, Brunei, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam, and, perhaps most importantly, India—the world’s fastest growing major economy.
Commenting shortly after the launch, U.S. Secretary of Commerce Gina Raimondo said: “As businesses are beginning to increasingly look for alternatives to China, the countries in the Indo-Pacific Framework will be more reliable partners for US businesses.”…