CXSE - U.S. launches the Indo-Pacific Economic Framework for Prosperity

Looking to boost its economic profile in Asia and create another counter-balance to China, President Biden has unveiled a new U.S. strategy called the Indo-Pacific Economic Framework. Joining the deal are a dozen initial partners, including Australia, Brunei, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam. Together, the countries represent 40% of global GDP and "some of the world's fastest-growing, most dynamic economies." Fine print: The IPEF is not structured as a free trade deal, but is rather a framework that is being called a "21st-century economic arrangement." As a result, most of its components will likely not have to go through Congress, where there is little appetite for new trade deals. Many still remember the Trans-Pacific Partnership, which was scrapped by the Trump administration, only to see the remaining signatories go on to ratify the agreement (now known as CPTPP) without the United

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U.S. launches the Indo-Pacific Economic Framework for Prosperity