US and 12 countries join new Indo-Pacific trade agreement


TOKYO (AP) — President Joe Biden said the White House will help the U.S. work more closely with the Asian economy on issues including supply chain, digital trade, clean energy and anti-corruption efforts, including 12 countries in a new trade agreement the White House said. announced that you have signed up.

The signatories joining the United States in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Together with the United States, it accounts for 40% of global GDP.

The two countries said in a joint statement that the agreement would help “prepare our economy for the future” amid the chaos caused by the COVID-19 pandemic and Russia’s invasion of Ukraine.

Critics say the framework has many loopholes. It does not incentivize prospective partners by lowering tariffs or giving signers more access to the US market. These restrictions may not make the US structure an attractive alternative to the Trans-Pacific Partnership.

This is a breaking news update. Here’s the AP’s previous story:

TOKYO (AP) — President Joe Biden said in a new Indo-Pacific trade framework he is launching on Monday that he will “howl” before they feel relief, even as he warns Americans worried about high inflation that “concrete benefits” “Promised that it will appear. He said he doesn’t think a recession in the US is inevitable.

Former Vice President Joe Biden acknowledged that the US economy had “problems” at a press conference after his meeting with Japanese Prime Minister Fumio Kishida, but said it was “less important than other countries.”

He continued, “This is a bonus. It will take some time.”

The remarks came shortly before Biden’s initiative of the Indo-Pacific Economic Framework, in which his administration announced America’s commitment to competing economic sectors, the pandemic and the Russian invasion. It is a new trade agreement designed to address the need for stability in commerce after the chaos caused by the of Ukraine.

Former Vice President Biden said in a meeting with Kishida that the new framework would strengthen US cooperation with other countries in the region.

The White House said the framework will help the US and Asian economies work more closely on issues including supply chain, digital trade, clean energy, worker protection and anti-corruption efforts. The details still have to be negotiated between member countries, so it’s hard for the administration to say how the administration will deliver on its promise that the agreement will support American workers and businesses while meeting global needs.

U.S. President Joe Biden (right) and Japanese Prime Minister Fumio Kishida inspect the honor guard during a welcome ceremony for President Biden at the Akasaka Palace in Tokyo, Japan, on May 23, 2022.

AP photo/Eugene Hoshiko, swimming pool

Critics say the framework has many loopholes. It does not incentivize prospective partners by lowering tariffs or giving signers more access to the US market. These restrictions may not make the US structure an attractive alternative to the Trans-Pacific Partnership. China, the region’s largest trading partner, is also seeking to join the TPP.

“A lot of our partners look at this list and say, ‘This is a good list of issues. We are delighted to be involved,’ said Matthew Goodman, former Director of International Economics at the National Security Council (NSC) during the Barack Obama administration. But he said they might ask, “What tangible benefits can I get from participating in this framework?”

Countries that signed the framework were due to be announced during Biden’s visit to Tokyo on Monday. It is the most recent move by the Biden administration to maintain and expand American influence in the region, which until recently appeared to be growing in Chinese influence.

Prime Minister Kishida hosted an official state welcome ceremony for Biden at Akasaka Palace, including the military honor guard and band in white at the front square. Biden looked around the assembled troops, placed his hand on his heart when passing the flag, and bowed his head slightly as he passed the Japanese occupation.

Prime Minister Kishida said at the meeting that he was “absolutely delighted” to welcome former Vice President Biden to Asia for the first time as president. Along with former Vice President Biden, he and former Vice President Joe Biden have been hard-lined against Russia’s invasion of Ukraine, saying it “undermines the foundations of the world order.”

Ahead of his five-day visit to South Korea and Japan, former Vice President Biden called the US-Japan alliance “a cornerstone of Indo-Pacific peace and prosperity” and expressed his gratitude for Japan’s strong leadership. to Russia.

The White House announced plans to establish an economic framework in October to replace the Trans-Pacific Partnership (TPP), which was withdrawn by then-US President Donald Trump in 2017.

The new pact comes at the moment when the administration thinks it has a competitive edge with Beijing. Bloomberg Economics released a report last week that forecasts GDP growth in the US at around 2.8% in 2022 and 2% in China. The recession shattered assumptions that China would automatically overtake the United States as the world’s largest economy.

“The fact that the United States will grow faster than China this year for the first time since 1976 is a striking example of how countries in the region should view issues of trends and trajectories,” the White House’s National Security Office said. Advisor Jake Sullivan.

Japanese Emperor Naruhito (right) greets before a meeting with US President Joe Biden at the Imperial Palace in Tokyo on May 23, 2022.
Japanese Emperor Naruhito (right) greets before a meeting with US President Joe Biden at the Imperial Palace in Tokyo on May 23, 2022.

Saul Loeb/pool photo via AP

Biden’s first visit on Monday was a private meeting with Emperor Naruhito at his residence on the lush grounds of the Imperial Palace before meeting with Kishida.

The two leaders were also scheduled to meet a Japanese family abducted by North Korea decades ago. The Japanese prime minister took office last fall and is working to strengthen ties with the United States and build a personal relationship with Biden. He will entertain the president at a restaurant for dinner.

The launch of the Indo-Pacific Economic Framework, also known as the IPEF, was marked by the White House as one of the larger moments in Biden’s tour of Asia and his continued efforts to strengthen relations with his Pacific allies. Throughout this process, administration officials have kept a close eye on China’s growing economic and military power in the region.

In September, the United States announced a new partnership with Australia and the United Kingdom, AUKUS, to target and deepen security, diplomatic and defense cooperation in the Asia-Pacific region. Through that AUKUS partnership, Australia will purchase nuclear submarines and the United States will increase its rotational force deployments to Australia.

The President of the United States also paid great attention to the unofficial alliance known as the Quad, formed during the response to the 2004 Indian Ocean tsunami that claimed the lives of approximately 230,000 people. Biden and fellow leaders of the alliance, including Australia, India and Japan, will gather in Tokyo for a second face-to-face meeting in less than a year. Leaders have also held two video calls since Biden came to power.

And earlier this month, former Vice President Biden invited nine out of ten members of the Association of Southeast Asian Nations (ASEAN) to Washington for their first summit in the US capital. Former Vice President Biden announced at the summit that the United States would invest approximately $150 million in clean energy and infrastructure initiatives in ASEAN countries.

Anti-American protesters gather to march toward the guesthouse of the Akasaka Palace, where the Japan-US summit will be held in Tokyo, Japan, on May 23, 2022.
Anti-American protesters gather to march toward the guesthouse of the Akasaka Palace, where the Japan-US summit will be held in Tokyo, Japan, on May 23, 2022.

Yuichi Yamazaki via Getty Images

Sullivan confirmed on Sunday that Taiwan, which wanted membership in the IPEF framework, would not be included in the government to be included. The participation of Taiwan’s autonomous island, which China claims to be its territory, would have upset Beijing.

Sullivan said the United States wants to deepen its economic partnership with Taiwan, including one-on-one on high-tech issues and semiconductor supply.

Former Vice President Joe Biden will close his five-day Asian tour on Tuesday with a fourth meeting and one-on-one meeting with Indian Prime Minister Narendra Modi and new Australian Prime Minister Anthony Albaniz.

This weekend, the centre-left leader of the Australian Labor Party defeated incumbent MP Scott Morrison, ending nine years of conservative rule.

Modi, the leader of the world’s largest democracy, has refused to join the United States and other allies in imposing sanctions on Russia for an invasion of Ukraine. In a video call last month Former Vice President Biden has asked Modi not to rush to buy Russian oil.

Washington-based Associated Press reporters Zeke Miller and Darlene Superville contributed to this report.

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