The countries said in a joint statement that the pact will help them collectively “prepare our economies for the future” following disruptions caused by the coronavirus pandemic and the Russian invasion of Ukraine.
Critics say the framework has gaping shortcomings. It doesn’t offer incentives to prospective partners by lowering tariffs or provide signatories with greater access to U.S. markets. Those limitations may not make the U.S. framework an attractive alternative to the Trans-Pacific Partnership, which still moved forward after the U.S. bailed out. China, the largest trading partner for many in the region, is also seeking to join TPP.
Biden, who is in the midst of a five-day visit to South Korea and Japan, called the U.S.-Japanese alliance a “cornerstone of peace and prosperity in the Indo-Pacific” and thanked Japan for its “strong leadership” in standing up to Russia. “Our position remains unchanged,” Kishida said. “We think it’s desirable for the United States to return to the TPP.”The new pact comes at a moment when the administration believes it has the edge in its competition with Beijing. Bloomberg Economics published a report last week projecting U.S. GDP growth at about 2.8% in 2022 compared to 2% for China, which has been trying to contain the coronavirus through strict lockdowns while also dealing with a property bust.
The launch of the Indo-Pacific Economic Framework, also known as IPEF, has been billed by the White House as one of the bigger moments of Biden’s Asia trip and of his ongoing effort to bolster ties with Pacific allies. Through it all, administration officials have kept a close eye on China’s growing economic and military might in the region.In September the U.S.
Taiwan — which had sought membership in the IPEF framework— isn’t among the governments that will be included. Participation of the self-ruled island of Taiwan, which China claims as its own, would have irked Beijing.Sullivan said the U.S. wants to deepen its economic partnership with Taiwan, including on high technology issues and semiconductor supply on a one-to-one basis.
Right
.. and ship manufacturing jobs to Asia!
Thank you President Biden!
Biden making deals is recipe for economic collapse
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