US President Joe Biden announced on Monday that 12 countries have joined the Indo-Pacific Economic Framework (IPEF), a new trade pact that aims to bring Washington closer to Asian economies on issues such as supply chains, digital commerce, clean energy and anti-corruption efforts.
Australia, India, Japan, South Korea and New Zealand are among the signatories, as are Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Along with the United States, these nations account for 40% of global GDP.
In a joint statement, the countries said that, after the disturbances caused by the Covid-19 pandemic and the war in Ukraine, the pact will collectively help to prepare the “economies for the future”.
*Associated Press
