Malaysia views US President Joe Biden’s proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact.
IPEF is created to encourage regional economies to “decouple” from the Chinese market by leading them to alternative supply chains.
A State Department spokesperson said the US was still discussing the mechanics of the framework with its partners but will design IPEF to prioritise flexibility and inclusion
The US government aims to launch its Indo-Pacific economic engagement initiative around the time of President Joe Biden’s visit to Japan later in May.
"Lobbyists for the giant corporations are celebrating IPEF as the second coming of the TPP," warned Senator Warren.
South Korea is "positively considering" joining an Indo-Pacific economic pact planned by the United States, a government official said.
United States, European Union and their Pacific allies’ sanctions are fast-driving Russia towards Africa. As the sanctions bite, Russia continues stepping up to realign with Africa, stemming its policy with mountainous pledges.
Asian and American trade experts characterize the framework as “weak tea,” consisting of “all of the things the US considers important” but little for Indo-Pacific nations in return for their membership obligations.
Speaking to a US business summit, Jacinda Ardern has confirmed NZ interest in a major economic initiative out of Washington while calling on the US to be more engaged in the region on trade
With the Korean government last year having ratified three conventions, including one prohibiting the use of forced labor, it has now ratified seven of eight core ILO conventions. Meanwhile, the US has ratified only two.
US and British trade officials will meet again in Boston in June to continue their dialogue on strengthening trade ties.
The impasse over the status of the Northern Ireland protocol is one of the main obstacles to a US-UK trade deal, Washington’s trade representative Katherine Tai said.
Unions from both sides of the Atlantic accuse Boris Johnson’s government of failing to grasp importance of labour rights.
The planned agreements will not be legally binding or cut tariffs, UK trade minister said.
Panama submitted a formal request to revise the agricultural tariff elimination terms of the US FTA. US agriculture groups urge the Biden administration to oppose any changes to agricultural tariffs, TRQs or safeguards.
The Indo-Pacific Economic Framework seeks to establish trade rules and is widely seen as an effort by the US to counter China’s influence in the Asia-Pacific region.
Unless the Biden administration chooses the right path, the Indo-Pacific Economic Framework will be more or less forgotten by the end of the year.
Both members of the Quadrilateral Security Dialogue along with the U.S. and Japan, look to manage difficult relations with China and promote a "free, open and inclusive Indo-Pacific."
Top trade officials of South Korea and Australia vowed to boost cooperation on the US-led economic initiative in the Indo-Pacific region and other trade issue.
It remains unclear as to whether the agreement will be legally binding, whether it will contain dispute resolution mechanisms, and whether it will be an ‘all in’ agreement or allow parties to choose what they sign up to.