Omega Management logo

U.S. announces major Asia economic deal in effort to boost profile, counter China

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…

Read more…

Share on facebook
Share on twitter