China News Service, May 19 (Xinhua) According to a comprehensive report, US President Joe Biden will start his Asia tour on the 20th, and will launch the "Indo-Pacific Economic Framework" (IPEF) during his visit to Japan to increase US participation in the region.

At present, South Korea has shown its willingness to become an initial member, and the Japanese government has also indicated that it is coordinating on this.

  However, the analysis said that the details of the "Indo-Pacific Economic Framework" are still unclear, and the United States has indicated that it will not reduce tariffs, which also makes it difficult for Asian countries that want to expand exports to the United States to see benefits.

Data map: US President Biden.

Photo by China News Agency reporter Chen Mengtong

South Korea wants to become an initial member

Japan also responded positively

  Before Biden started his Asian tour, the South Korean government had planned to join the "Indo-Pacific Economic Framework" as an initial member.

  According to Yonhap News Agency, the South Korean Presidential Office released a message on the 18th that South Korean President Yoon Seok-yue will attend the summit in Japan to officially launch the "Indo-Pacific Economic Framework" negotiation in the form of a video connection on the 24th.

  Earlier on the 16th, Yin Xiyue pointed out in his policy speech to Congress that he would discuss with Biden a plan to strengthen supply chain cooperation through this framework.

Yonhap News Agency said that Yin Xiyue will show Biden’s “willingness to actively support and join” at the South Korea-US summit meeting on the 21st.

  In addition to South Korea, Japan has also responded positively to the "Indo-Pacific Economic Framework".

Data map: Japanese Prime Minister Fumio Kishida.

  According to the Japan Broadcasting Association (NHK), Japanese Prime Minister Fumio Kishida intends to express Japan's intention to participate in the "Indo-Pacific Economic Framework" at the Japan-US summit meeting on the 23rd.

Currently, the Japanese government is coordinating this.

The frame was approved as insubstantial

Japanese media: It is difficult to see the benefits

  The "Indo-Pacific Economic Framework" is an idea proposed by Biden at the East Asia Summit in October 2021, aiming to jointly address new trade issues such as digitalization, supply chain, and clean energy.

  Singapore's "Lianhe Zaobao" said that the Biden administration hopes to use the "Indo-Pacific economic framework" to fill the space vacated by the United States after withdrawing from the Trans-Pacific Partnership (TPP) under Trump.

  At present, the details of the "Indo-Pacific Economic Framework" are still unclear, but the United States has indicated that it will not reduce tariffs or ease US market access.

  Japan's Kyodo News said that the "Indo-Pacific Economic Framework" does not discuss tariff reductions, and it is "hard to see benefits" for Asian countries looking to expand exports to the United States.

Japan, which uses the framework as a springboard to try to bring the United States back to the Trans-Pacific Partnership, will face tough choices.

  In addition, some U.S. lawmakers criticized the new framework for lacking substance.

Ward, director of the Regional Economics and Strategy and Japan Research Group of the International Institute for Strategic Studies, also believes that the "Indo-Pacific Economic Framework" cannot effectively replace the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, the new version of the TPP).

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