The Strategist

New Asia-Pacific economic framework launched in Tokyo

05/24/2022 - 04:41

Leaders from the United States, Japan, India, and other countries attended introduction of the new Indo-Pacific Economic Framework (IPEF) in Tokyo.

Foreign commerce, including digital resources, infrastructure for renewable energy and decarbonization, guaranteeing stable supply chains, and tax and anti-corruption measures are all part of the new structure.

The United States, India, Japan, Brunei, Australia, Malaysia, Indonesia, South Korea, New Zealand, the Philippines, Vietnam, Thailand, and Singapore will all be represented in the organization.

At the ceremony, Japanese Prime Minister Fumio Kishida declared, "We encourage as many partner countries as possible to join the IPEF conversation."

Participating countries account for almost 40% of global GDP.

One of Biden's planned events during his visit to Japan was the unveiling of the new economic framework. The United States views it as a new economic arrangement for the twenty-first century, a model for addressing today's difficulties, from establishing digital economy norms to securing long-term supply chains.