The Biden administration in the United States has officially announced that it will begin talks to launch a new economic partnership IPEF (Indo-Pacific economic framework) with a view to countering China.
A total of 13 countries, including Japan, India, and Southeast Asian countries, which account for 40% of the world's GDP, will participate.
The Biden administration in the United States announced on the 23rd that it will start discussions to launch a new economic partnership IPEF = Indo-Pacific economic framework in line with President Biden's visit to Japan.
In addition to the United States, Japan, India, South Korea, and Australia, 13 countries including Indonesia, Thailand, and Singapore will participate, accounting for 40% of the world's GDP = gross domestic product.
The statement positions IPEF as "developing the strength and economic growth of each country," and emphasizes its purpose, such as "contributing to cooperation, prosperity, and peace in the Indo-Pacific region."
Focusing on the four pillars,
▽ trade including digital,
▽ supply chain = supply network,
▽ clean energy / decarbonization, infrastructure,
▽ tax system / anti-corruption measures,
etc. It is said that.
The IPEF is positioned as an economic partnership to replace the TPP = Trans-Pacific Partnership Agreement, which was envisioned by the Biden administration with the aim of countering China, which is becoming more influential in the region, and is negative for its return.
On the other hand, IPEF does not cover tariff reductions, so some countries see little merit, and the focus was on how far the participating countries would expand.
In the future, discussions on cooperation and standard-making over the four pillars will begin, and it will be asked whether effective cooperation can be achieved as expected to counter China.
(Participating countries: USA, Japan, Australia, Brunei, India, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam)