MOSCOW (Pakistan Point News / Sputnik - 23rd May, 2022) US President Joe Biden launched a new regional economic initiative together with 12 Indo-Pacific countries on Monday with a view to tackling global inflation and containing China's regional economic influence, the White House said.
"Today in Tokyo, Japan, President Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam," a statement read.
According to the White House, the initiative is aimed at increasing cooperation between the Indo-Pacific nations and delivering concrete benefits for the people of the region.
"We're here today for one simple purpose: The future of the 21st century economy is going to be largely written in the Indo-Pacific � in our region," Biden said at a launch ceremony.
The event was also attended by Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi along with other Indo-Pacific leaders who participated in the ceremony online.
Washington regards the IPEF as a model for meeting modern challenges ranging from setting rules of the digital economy to ensuring sustainable supply chains. At the same time, some Indo-Pacific leaders see the new US initiative as an attempt to replace the existing Trans-Pacific Partnership (TPP), from which Washington withdrew during the presidency of Donald Trump.
After the Biden administration came to power in the US in 2021, Japan renewed its efforts to bring the US back to the TPP. However, due to the creation of the new structure, Tokyo later announced its intention to work together with Washington for the creation of an economic order favorable to the region.
"We welcome the launch of an economic framework in the Indo-Pacific region by President Biden. Japan will participate in it and cooperate," Kishida said at a press conference.
Biden arrived in Tokyo on Sunday to meet with Kishida and take part in the Quadrilateral Security Dialogue (Quad) summit � an informal strategic dialogue between the United States, Japan, Australia and India - scheduled to be held on Tuesday.
