Skip to content

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
Video player cover image
WATCH: The 13-nation pact is a “positve sign” for the global economy, says IMF head Kristalina Georgieva.Source: Bloomberg
Updated on

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.