Mr. Biden: 13 countries have joined the US IPEF economic initiative

US President Joe Biden speaks during a joint press conference with Japanese Prime Minister Kishida Fumio after their meeting at Akasaka Palace in Tokyo, Japan on May 23 – Photo: AFP

Promoting the IPEF . initiative

According to AFP news agency, speaking at a joint press conference with Japanese Prime Minister Kishida Fumio in Tokyo on May 23, US President Joe Biden The US, Japan and 11 other countries will jointly launch the Indo-Pacific Economic Framework (IPEF). However, he did not specifically name these 11 countries.

“This framework is a commitment to work with our close friends and partners in the region to address the most important challenges to economic competitiveness in the 21st century” – Mr. Biden said.

Currently, US President Joe Biden is on a trip to Asia. He is promoting the IPEF initiative as a tool to strengthen cooperation with Asian partners.

The Biden administration has made it clear that this is not a free trade agreement but a set of standards for the digital economy, resiliency and resilience.supply chain, decarbonisation, infrastructure, sustainable agriculture and food.

Unlike traditional trade blocs, IPEF members do not plan to negotiate tariffs and easy market access.

According to AFP, China has criticized IPEF as an attempt to create a closed club. However, Mr. Jake Sullivan – President Biden’s national security adviser – denied this and explained that the initiative was “by design and by definition an open platform”.

The initiative was announced as the US and China are pursuing different strategies to expand their influence across the Indo-Pacific region.

China is focusing on trade agreements. Beijing is already a member of the Regional Comprehensive Economic Partnership (RCEP) – a free trade agreement that includes 10 ASEAN countries as well as China, Japan, South Korea, Australia and New Zealand. .

Currently, China is applying to join another regional trade agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes 11 members. This multilateral free trade agreement does not include the United States.

Singapore wants to “maintain balance”

Singapore Prime Minister Lee Hsien Loong gives an interview to Nikkei Asia magazine – Photo: NIKKEI ASIA

In an exclusive interview with the magazine Nikkei Asia (Japan) posted on May 23, Singapore Prime Minister Lee Hsien Loong said that the lion island nation intends to participate in IPEF. At the same time, Mr. Lee supported China’s accession to the CPTPP.

“It is much better for China to prosper and participate in the region than it is to operate on its own outside of the rules that apply to everyone else, without integrating and coordinating with the rest of the region. Because that could cause a lot of difficulties for the region,” explained Mr. Lee and expressed support for Beijing’s accession to the CPTPP.

However, the Singaporean leader stressed that China would have to “meet the standards” to join the free trade agreement.

Mr. Lee said Singapore wanted to “nurture” links with a range of countries “and maintain a balance so that we are resilient and not overly dependent on any one party”.

“We can prosper together and enjoy interdependence,” Mr. Lee told the editor-in-chief Nikkei Asia Tetsuya Iguchi.

Mr. Lee’s comments come just days before he arrives in Tokyo (Japan) to attend the Future of Asia Conference.