U.S. President Joe Biden, pictured here on Thursday, April 21, 2022, has launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners.
Yuri Gripas | Abaca | Bloomberg | Getty Images
In a move to raise its economic profile and create another counterbalance to China within Asia, the United States announced on Monday the Indo-Pacific Economic Framework with Asian partners.
It’s a broad plan designed to help expand the U.S.’ “economic leadership” in the Indo-Pacific region. The group wants to set international rules on the digital economy, supply chains, decarbonization and regulations applying to workers.
Importantly, the IPEF is not a free trade agreement. U.S. President Joe Biden faces political pressure from both the left and right in the United States to avoid free trade deals.
It also is not a security pact and is separate from the Quad defense group that includes the United States, Japan, India and…