Nations end 1st talks for US-led Indo-Pacific Economic Framework

Kyodo News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="EPA-EFE" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/12/15/20221215-indo-pacific-economic-framework-epa-efe.jpg"/><figcaption>(L-R) Japanese Prime Minister Fumio Kishida, US President Joe Biden and Indian Prime Minister Narendra Modi smile during a photo session at the launch of the Indo-Pacific Economic Framework (IPEF) in Tokyo, Japan, 23 May 2022. <em>EPA-EFE/JAPAN POOL/FILE</em></figcaption></figure></div><p>BRISBANE - Fourteen nations, including Australia, Japan, and the United States, on Thursday wrapped up the first in-person negotiating round for the U.S.-led Indo-Pacific Economic Framework aimed at setting trade rules and standards in the region amid China&#x27;s growing clout.</p><p>During the six-day talks in Brisbane, officials of the IPEF members discussed the framework&#x27;s four pillars -- fair trade, supply chain resilience, infrastructure and clean energy, and tax and anti-corruption -- based on a draft agreement prepared by the United States, according to a government source.</p><p>The four pillars include areas such as digital trade rules and sustainable agriculture, among other issues.</p><p>IPEF, launched in May during U.S. President Joe Biden&#x27;s visit to Japan, is part of the U.S. government&#x27;s efforts to economically re-engage with the fast-growing Indo-Pacific. Biden&#x27;s predecessor, Donald Trump, withdrew the United States from what was then known as the Trans-Pacific Partnership free trade deal in 2017.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/20/22/ph-eyes-benefits-for-electronics-industry-in-ipef">Philippines eyes benefits for local electronics industry in US-led trade IPEF trade deal</a></li></ul><p>Distinct from conventional free trade agreements, the Biden administration has excluded politically-sensitive tariff-cutting talks that are traditionally part of such agreements.</p><p>Canada&#x27;s application for membership was a topic of discussion in the first round of negotiations.</p><p>As IPEF members in September announced the start of formal negotiations, Canada said the following month it will seek to join the framework. The Biden administration has expressed support for Canada&#x27;s bid.</p><p>The U.S.-led framework, representing 40 percent of global gross domestic product, has also been joined by Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.</p><div><strong>FROM THE ARCHIVES</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2382114" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The U.S.-led framework, representing 40 percent of global gross domestic product, has also been joined by Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.

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Nations end 1st talks for US-led Indo-Pacific Economic Framework

Nations end 1st talks for US-led Indo-Pacific Economic Framework

Kyodo News

Published Dec 16, 2022 12:43 AM PHT

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Indo-Pacific Economic Framework

IPEF

China

Joe Biden

Australia

Indo Pacific region

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