Seen as a means to counter China in the region, it is a U.S.-led framework for participating countries to solidify their relationships and engage in crucial economic and trade matters that concern the region, such as building resilient supply chains battered by the pandemic.
Neither is it a security pact, unlike the four-nation Quad group, which is made up of Australia, India, Japan and the U.S. "If you look at the four pillars, it's really asking the partners to do something to change their laws or regulations or the way they operate," said international trade expert and professor of law at the Chinese University of Hong Kong, Bryan Mercurio.
As a non-trade agreement entry into Asia, Biden would not need to to seek congressional approval and therefore avoid a battle for domestic ratification, analysts at Washington-based think tank Center for Strategic and International Studies said in a note.
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