President Joe Biden acknowledged in Tokyo on Monday (Might 23) that 13 nations have joined a brand new US-led Asia-Pacific commerce effort geared toward countering China’s aggressive improvement.
“The US and Japan, along with 11 different nations will likely be launching” the Indo-Pacific Financial Framework for Prosperity, or IPEF, Biden stated at a press convention alongside Japanese Prime Minister Fumio Kishida.
“This framework is a dedication to working with our shut mates and companions within the area on challenges that matter most to making sure financial competitiveness within the twenty first century,” he stated.
Later Monday, Biden was scheduled to make a proper announcement in regards to the framework.
He didn’t disclose what number of international locations had already signed up for IPEF, which the White Home describes as a framework for forming a close-knit membership of commerce nations.