The Indo-Pacific Economic Framework , a U.S.-led initiative for participating countries, is aimed at bolstering ties and engaging in key economic and trade matters in the region.U.S. Trade Representative Katherine Tai said IPEF initiatives will be announced at the upcoming APEC summit next month.
The United States is working very closely with its trading partners in the Indo-Pacific region to help build economic resilience, said U.S. Trade Representative Katherine Tai. The Indo-Pacific Economic Framework initiative, launched in May last year by U.S. President Joe Biden, is looking to announce a number of initiatives soon, Tai told CNBC's Martin Soong on the sidelines of the G7 trade ministers' summit in Osaka, Japan.
"We also know that we can't wait around for five or seven years for a massive trade negotiation to be completed," Tai said.the U.S. in this initiative are: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.The U.S.-led initiative is aimed at bolstering ties and engaging in crucial economic and trade matters among the member states. It is also seen as a means to counteract China in the region.
Tai said details of the initiatives for IPEF will be revealed during the Asia-Pacific Economic Cooperation summit next month in San Francisco, but did not provide further details.
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