Commentary
The Indo-Pacific Economic Framework is America’s way of “presenting Indo-Pacific countries an alternative to China’s approach,” said U.S. Secretary of Commerce Gina Raimondo, as reported by CNBC on May 25.
Joe Biden made his first trip to Asia on May 20–24 since assuming the presidency. On this visit, Biden inaugurated the Indo-Pacific Economic Framework for Prosperity (IPEF), the latest step in Washington’s Asia-Pacific economic strategy. The U.S.-led IPEF is not a free trade agreement. The framework does not grant market access or tariff reduction. Instead, it is designed to counter China.
So far, member nations include the United States, India, Japan, South Korea, Australia, New Zealand, Singapore, Malaysia, Indonesia, Thailand, Vietnam, Philippines, and Brunei. The significance of the list is that it includes all of the Quad members, most of the AUKUS members, and many of the APEC members….