We answer key questions around the Indo-Pacific Economic Framework (IPEF), implications for member countries, and its impact on China and relevance to RCEP.
As US President Joe Biden launched a new trade deal with 12 Indo-Pacific nations, including India, to enhance trade, economic and investment opportunities, China went on the offensive against it.
Beijing, May 24 (PTI): As US President Joe Biden launched a new trade deal with 12 Indo-Pacific nations, including India, to enhance trade, economic and investment opportunities, China, which sees the pact as a threat to its dominance in the region, went on the offensive against it, promising more opening up, while the official media here termed it as economic NATO. On the eve of the Quad summit in Tokyo, Biden on Monday launched the ambitious Indo-Pacific Economic Framework for Prosperity (IPEF), which is an initiative aimed at deeper cooperation among like-minded countries in areas such as clean energy, supply-chain resilience and digital trade. The IPEF is expected to send across a signal that the US is focused on pushing forward a strong economic policy for the region to counter China’s aggressive strategy on trade in the region. The countries joining at the launch of the US-led initiative are Australia, Brunei Darussalam, India, Indonesia, Japan, Republic of Korea, Malaysia,
The speed of integration among Asian economies has been sustained and even accelerated in some areas despite the COVID-19 pandemic, US interference and other challenges, according to a report published during the Boao Forum for Asia 2022, a major regional cooperation platform that kicked off in Boao, South China’s Hainan Province on Wednesday.
The world will see the establishment of its largest trade bloc, the Regional Comprehensive Economic Partnership (RCEP), from the beginning of 2022, Chinese government officials announced on Thursday, a piece of news that not only brings hope after a year battered by the pandemic, but also marks a glorious victory of multilateralism and boosts trade prospects for countries in the Asia-Pacific region.