US Unveils 13-Nation Economic Pact to Assert Asia Leadership
- Indo-Pacific Economic Framework aims to counter China
- Many details of long-awaited US-led effort remain unresolved
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The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness.
Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia. Australia, India, Japan, South Korea and New Zealand were included, along with seven Southeast Asian countries.