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‘Undeniable success’ of first US-led Indo-Pacific Economic Framework touted, but few details given
- Convergence of 14 countries grouped to counter China yields pledges for closer trade and investment ties
- Target areas include avoiding supply-chain disruptions and spurring investment in clean energy
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US-led negotiations among 14 countries to kick-start the Indo-Pacific Economic Framework, part of Washington’s bid to counter China’s influence in the region, wrapped up on Friday with agreed-upon parameters for closer trade and investment ties but few concrete details on how these would be delivered.
IPEF, the economic leg of an Indo-Pacific strategy announced by President Joe Biden in May, features four main focus areas: trade, supply chain resiliency, clean energy and a “fair economy”. The areas are meant to address criticism that the US is an important Indo-Pacific security partner that cannot match China’s growing economic clout.
“This meeting was a chance to deepen our partnerships and fill in the details about how we will work collectively to address the challenges and opportunities that will define the 21 century,” said US Trade Representative Katherine Tai, who co-hosted the inaugural meeting in Los Angeles with US Commerce Secretary Gina Raimondo, without elaborating on the details.
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“Our first in-person meeting has been an undeniable success,” added Raimondo. “I am proud of the progress we’ve made and I’m excited to continue building momentum in this effort.”
A central shortcoming of the US initiative, analysts say, is that many of the regional allies and partners whom the US seeks to woo above all want a trade agreement that would lower US tariffs and other import barriers.
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