US President Joe Biden to launch Indo-Pacific economic plan in Japan soon

NEW DELHI: President Joe Biden will launch a long-awaited economic initiative for increasing US involvement in Asia in the coming days during his trip to the region, according to one of the cabinet officials leading the initiative.
The US and its partners will kick off the Indo-Pacific Economic Framework when Biden visits Japan on a May 20-24 trip that also will take him to South Korea, Commerce Secretary Gina Raimondo said.
The Commerce Department is leading negotiation of pillars of the framework focused on supply-chain resilience; clean energy, decarbonization and infrastructure; and taxation and anti-corruption. The US Trade Representative’s office is leading the work on fair and resilient trade. The administration also has been working to include digital issues like data localization and cross-border data flows.
The IPEF is part of the Biden administration’s efforts to counter China’s clout in Asia, following the US’s withdrawal from talks on the Trans-Pacific Partnership regional trade agreement under Donald Trump.