Biden announces 12 Asia-Pacific nations join the US Indo-Pacific Economic Framework

[F-22Raptor]

US President Joe Biden announced on Monday that 12 countries in the Asia-Pacific had joined the US’ Indo-Pacific Economic Framework (IPEF), an agreement covering supply chains, digital trade, clean energy and anticorruption efforts – and that Beijing views with much suspicion.

The countries – Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam as well as the US – account for 40 per cent of the world’s GDP, according to the White House.

12 Asia-Pacific economies ‘prepare for the future’ by signing US-led pact

The long-awaited Indo-Pacific Economic Framework (IPEF) seeks to restore ‘US economic leadership’ across the region, without Taiwan for now.

amp.scmp.com

 

[vi-va]

U.S. doesn't want to sign any free trade agreement,
doesn't want to open more market,
doesn't want to lower tax
doesn't want to give any benefit.
So?


This framework is a trap to milk any countries who want to be part of it.

If Biden want to sign any free trade agreement, or give any major benefit to any countries, Biden will lose midterm election, and general election.
Everyone knew it.

 

[xuxu1457]

In a few days, it will be found that China has also applied to join.

 

[kankan326]

I'm curious. What supply chains US could transfer to the 12 countries? Isn't US asking manufacture industries to go back? The only supply chain I can tell is all kinds of assembly plants for phones, computers, shoes. Which are not attractive for China anymore.

As for all imports US wants to move from China to other countries. While check below data. In 2020, US imported $438B from China. Is it too much? US imported $326B from Mexico. Which didn't make Mexico a rich country. Even if US moves all $438B imports from China to other countries, it won't help much to the 12 countries. Let alone it would be very questionable whether US can still import that much if China stop importing goods from US.

https://oec.world/en/profile/country/usa

 

[Indos]

US launches Indo-Pacific Economic Framework for Prosperity​

2,516 views
May 23, 2022

 

[FuturePAF]

Philippines and Thailand will be key for geostrategic reasons more then economic reasons

 

[Wood]

Without preferential market access, I doubt if this framework can become significant. At least, I do not understand how that would be

 

[Wood]

From an Indian perspective, this framework would be good if it can cover privacy related concerns for data transfer. That may allow for outsourcing of non tech sector services in the long run