IPEF to help enhance economic ties with Indo-Pacific nations: US

This, in turn, will help level the playing field for workers and businesses both in the United States and in the Indo-Pacific region, she said.

President Joe Biden is scheduled to travel on a three-day visit to Seoul on May 20, where he is expected to unveil the details of the US-led economic framework. He will depart Seoul on May 22 for a visit to Japan.

"So as it relates to our economic framework, it's going to focus on building agreements with Indo-Pacific partners, and one, developing a modern digital economy, including opening the door for small and medium businesses," she said in a daily press briefing.

IPEF will seek to reduce supply chain vulnerability and drive investments that will create good jobs for people on both sides. It will promote investment in the green economy, she said, adding that investment in green economy and building an economy with fairer tax and anti-corruption practices will level “the playing field not just for workers, but also for businesses”.

"The United States has strong economic, trade ties in the Indo-Pacific, and so we agree it is essential for us to step up economically in the region and to do it fast," said Jean-Pierre.

The proposed IPEF will develop new approaches to trade that meet high labour and environmental standards; govern digital economies and cross-border data flows according to open principles, including through a new digital economy framework; advance resilient and secure supply chains that are diverse, open and predictable; make shared investments in decarbonisation and clean energy; promote free, fair, and open trade and investment through the Asia-Pacific Economic Cooperation (APEC); and close the region’s infrastructure gap through Build Back Better World with G7 partners.

ALCHEMPro News Desk (DS)