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View all search resultsBritain joined the Comprehensive Progressive Trans-Pacific Partnership (CPTPP) at a meeting in Auckland this month just over two years after its application, clearing the way for members to consider others from China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador.
The US-led Indo-Pacific Economic Framework is expected to have a significant impact on the fast-growing region as it will re-establish the United States as an economic and geostrategic leader after its pullback from the Trans-Pacific Partnership trade deal under former President Donald Trump.
At the first ministerial for the Indo-Pacific Economic Prosperity Framework (IPEF), officials sketched the basis for common standards on key pillars, which also include green energy and the fight against corruption, in 14 countries accounting for 40 percent of the global economy.
On the second leg of his first Asia trip as president, Biden is to meet with leaders of Japan, India and Australia, the "Quad," another cornerstone of his strategy to push back against China's expanding influence.
The Biden administration's proposed Indo-Pacific Economic Framework (IPEF) aims to offer a US-led platform for negotiating common regional standards around digital trade and data flows, labor standards, carbon emissions reductions and governance. But to the chagrin of some countries and business groups, it will not reduce tariffs between members or include traditional enhancements to market access.
Chinh, in Washington for a two-day summit between President Joe Biden and Southeast Asian leaders starting on Thursday, said he had had discussions on Biden's Indo-Pacific Economic Framework (IPEF) with US officials earlier on Wednesday.
But the odds are not necessarily in favor of Washington in the absence of a robust strategy for regional trade, an area where the world's second-largest economy seems increasingly eager to fill the void.
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