Biden Says 13 Countries To Join New Asia-Pacific Trade Framework
Mohammad Ali (@ChaudhryMAli88) Published May 23, 2022 | 11:50 AM
Tokyo, (UrduPoint / Pakistan Point News - 23rd May, 2022 ) :President Joe Biden announced on Monday in Tokyo that 13 countries have joined a new, US-led Asia-Pacific trade initiative.
"The United States and Japan, together with 11 other nations will be launching" the Indo-Pacific Economic Framework for Prosperity, or IPEF, Biden said at a press conference alongside Japanese Prime Minister Fumio Kishida.
"This framework is a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century," he said.
Biden was due to make a formal roll out of the framework later Monday.
He did not say what countries had already signed up to IPEF, which the White House is billing as a framework for what will ultimately become a tight-knit group of trading nations.
Unlike traditional trade blocs, there is no plan for IPEF members to negotiate tariffs and ease market access -- a tool that has become increasingly unpalatable to US voters fearful of undermining homegrown manufacturing.
Instead, the programme foresees integrating partners through agreed standards in four main areas: the digital economy, supply chains, clean energy infrastructure and anti-corruption measures.
Biden has pushed to rapidly rebuild strategic military and trade alliances weakened under his predecessor Donald Trump since taking office in 2021.
However, there is no political will in Washington for returning to a tariffs-based Asia trade deal following Trump's 2017 withdrawal from the Trans-Pacific Partnership -- a huge trading bloc that was revived, without US membership, in 2018 as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
18 hours ago -
Kite Flying: From cultural festival to deadly sport
18 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
6 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
13 days ago