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President Joe Biden's administration signaled Monday it would postpone a draft of an Asia trade pact that had been set to be unveiled at a summit in San Francisco, after facing domestic criticism.Biden, welcoming 20 other members of the Asia-Pacific Economic Cooperation (APEC) forum to San Francisco where he will meet on the sidelines with Chinese President Xi Jinping, had been expected to announce substantial progress on a nascent trade deal. ....
Global asset management firms are increasingly turning their attention to the Korean market, driven by the market s robust recovery following the pandemic s conclusion and the easing of the strong dollar trend. ....
The Biden administration is aiming to show that its key Asian economic initiative is making progress as Pacific Rim leaders gather in San Francisco next week, but significant holes remain on trade-related chapters, people familiar with the talks say. U.S. President Joe Biden is keen to portray IPEF as producing meaningful outcomes to leaders of Asia Pacific Economic Cooperation countries, as he seeks to offer them a U.S.-led alternative to deeper economic ties to China. When the administration launched the IPEF negotiations in 2023, it made clear that the U.S.-hosted APEC summit was a key deadline, "and that has raised expectations," said Wendy Cutler, a former U.S. trade negotiator who now heads the Asia Society Policy Center in Washington. ....
The Biden administration has suspended talks on some key digital trade aspects of its Indo-Pacific Economic Framework initiative, Democratic lawmakers said on Tuesday as negotiators from 14 countries race to finish some agreements ahead of a major Pacific Rim summit next week. The halt comes after the U.S. Trade Representative's office last month reversed longstanding U.S. digital trade demands at the World Trade Organization no longer insisting on rules that protect free cross-border data flows and prohibit national requirements for data localization and reviews of software source code. In a letter to Biden, Senator Elizabeth Warren, four other senators and seven members of the House of Representatives said they wanted to ensure that IPEF's digital trade provisions are consistent with the administration's new view. ....