Biden to launch Indo-Pacific Economic Framework next week during visit to Japan
Updated: 2022-05-18 13:30:45 KST
Early next week, U.S. President Joe Biden will launch a long-awaited economic initiative aimed at increasing Washington's involvement in Asia.
Commerce Secretary Gina Raimondo said Tuesday the U.S. and its allies will establish the Indo-Pacific Economic Framework during President Biden's visit to Asia from May 20th to the 24th, a trip that will take him to Japan and South Korea.
She further explained that the Biden administration is extremely enthusiastic about the initiative, which is seen as a way to counter China's growing influence across Asia.
Announced late last year, the framework is Washington's first attempt to create a large, multilateral, Asia-focused economic strategy since the Trump administration withdrew from the Trans-Pacific Partnership in 2017.
Raimondo added that there's a significant demand from countries in the Indo-Pacific for the U.S. to be more present and to adopt a more affirmative economic strategy.
Although the specific details have yet to be disclosed, the Biden administration says the framework will not include lower tariffs or better access to U.S. markets.
It explained the framework has numerous pillars: fair and resilient trade, supply chain resilience, infrastructure, clean energy and decarbonization, as well as tax and anti-corruption measures.
The framework is set to be joined by U.S. partners and allies in the region, including South Korea, Japan, Australia and New Zealand.
Large economies within the Association of Southeast Asian Nations, such as Singapore, are also likely to join.
Kim Hyo-sun, Arirang News.