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US Unveils 13-Nation Economic Pact to Assert Asia Leadership (1)

May 23, 2022, 9:16 AM

The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness.

Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia. Australia, India, Japan, South Korea and New Zealand were included, along with seven Southeast Asian countries.

WATCH: President Joe Biden speaks in Tokyo about the Indo-Pacific Economic Framework.
Source: Bloomberg

“The United States is deeply invested in ...