Sunday, August 14, 2022

US to host virtual Indo Pacific trade summit

Washington, Investor.id – The United States (US) government will host a virtual high-level summit on Tuesday (26/7) of officials representing the 14 countries that have joined the Indo Pacific Economic Framework (IPEF). The US government wants to expand its engagement with Asian countries.

According to an official announcement released on Monday (25/7), the ministerial meeting will be hosted by US Trade Representative Catherine Tai and Commerce Secretary Gina Raimondo.

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US President Joe Biden, who launched IPEF when he visited Japan in May 2022, wants to use the relationship as a way to raise environmental, labor and other standards across Asia.

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The US side has no economic pillar for Indo-Pacific engagement since former President Donald Trump withdrew from the multinational Trans-Pacific trade deal. The move leaves the region open for China to expand its influence.

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Apart from the US, IPEF members include Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.

Topics discussed at Tuesday’s meeting included trade, supply chain, clean energy, infrastructure, taxes and fighting corruption, the statement said.

Editor: grace el dora (graceldora@gmail.com)

Nation World News Desk
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