TOKYO (AP) – President Joe Biden has announced that 12 countries have signed a new trade agreement that the White House says will help the United States work more closely with Asian economies, including supply chains, digital commerce. , clean energy and anti -corruption efforts.
The signatories to the Indo-Pacific Economic Framework are the United States, Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Together with the United States, they make up 40% of the world’s GDP.
The two countries said in a joint statement that the agreement would work together to help them “prepare our economy for the future” following the cessation of the Korovirus pandemic and Russia’s invasion of Ukraine.
Critics say the plot has flaws. It does not offer incentives to potential partners by reducing rates or giving subscribers more access to US markets. These restrictions may not make the U.S. framework an attractive alternative to the transatlantic partnership that has not progressed since the U.S. bailed it out.
This is a news update. Below is the previous AP story.
TOKYO (AP) – President Joe Biden has promised “concrete benefits” from the new Indo -Pacific trade framework launched Monday, even after warning Americans concerned about high inflation that they “should” before they feel it. of comfort. He said he did not believe the U.S. economic downturn was imminent
Biden, speaking at a press conference after talks with Japanese Prime Minister Fumio Kishida, acknowledged that the U.S. economy has “problems” but said they are “less productive than the rest of the world. “
He added: “It’s going to be an expedition. It’s going to take some time,” he said, though he rejected the idea that a recession in the United States was imminent.
The comments preceded Biden’s anticipated Indo-Pacific economic framework, a new trade deal made by his administration as a signal of U.S. engagement in the disputed economic field and the need for trade stability following pandemics and delay caused by the Russian invasion. Of Ukraine.
In a meeting with Kishida, Biden said the new framework would also strengthen U.S. cooperation with other countries in the region.
The White House said the framework would help U.S. and Asian economies work more closely on issues such as the supply chain, digital trade, clean energy, labor protection, and anti -corruption efforts. Details are still needed to negotiate between member states, making it difficult for the administration to say how the deal will fulfill its promise to help U.S. workers and businesses, as well as global needs.
Critics say the plot has flaws. It does not offer incentives to potential partners by reducing rates or giving subscribers more access to US markets. These restrictions may not make the U.S. framework an attractive alternative to the transatlantic partnership that has not progressed since the U.S. bailed it out. China, for many of the region’s largest trading partners, is also looking to join the TPP.
“I think a lot of partners will look at this list and say, ‘This is a good list of problems.’ “I’m pleased to be involved,” said Matthew Goodman, former director of international economic affairs at the National Security Council during President Barack Obama’s administration. But he said they might as well ask: ‘Can we of visible benefits from participating in this framework?
The signatories to the plot were reportedly announced Monday during Biden’s visit to Tokyo. This is the latest move by the Biden administration to try to maintain and expand U.S. influence in a region that has seen increasing pressure from China until recently.
Kishida hosted Biden’s official reception at Akasaka Palace, along with a military honor guard dressed in white and a band in the courtyard. Examining the troops gathered, Biden placed his hand on his heart as he crossed the American flag and leaned back slightly as he passed the Japanese standard.
Kishida said at the meeting that he was “absolutely pleased” to receive Biden on his first trip to Asia in Tokyo. Along with Biden, he drew a strict line against Russia for invading Ukraine, saying it “undermines the foundations of the global order”.
Biden, who is on a five-day visit to South Korea and Japan, called the US-Japan alliance a “foundation of peace and prosperity in the Indo-Pacific” and thanked Japan for its “strong leadership”. In Russia.
The White House announced in October plans to create an economic framework to replace the Trans-Pacific Partnership that the United States missed in 2017 under former President Donald Trump.
The new deal will come at a time when the administration believes it has an advantage over its competition in Beijing. Last week Bloomberg Economics released a report showing a 2.8% increase in U.S. GDP in 2022, showing 2% of China trying to curb the corovirus by strengthening its holdings, even in a bankruptcy in real estate. The slowdown weakens speculation that China will automatically replace the United States as the world’s leading economy.
“The fact that the United States is growing faster than China this year, for the first time since 1976, is a clear example of how countries in the region should see trends and trajectories,” White said. House in a statement. Councilman Jake Sullivan.
Biden’s first stop on Monday was a personal meeting with Japanese Emperor Naruhito at Naruhito’s residence in the green area of the Imperial Palace before speaking with Kishida.
The two leaders will also face the families of Japanese citizens kidnapped by North Korea decades ago. Japan’s prime minister took office last fall and seeks to strengthen ties with the United States and establish a personal relationship with Biden. He will host dinner for the president at the restaurant.
The launch of the Indo-Pacific Economic Framework, also known as IPEF, was cited by the White House as one of the highlights of Biden’s trip to Asia and his efforts to strengthen ties with the Pacific Allies. After all, administration officials are closely monitoring China’s growing economic and military strength in the region.
In September, the United States announced a new partnership with Australia and the United Kingdom called AUKUS, which aims to strengthen security, diplomatic and defense cooperation in the Asia-Pacific region. Through this partnership with AUKUS, Australia will acquire nuclear submarines, while the United States will increase the deployment of rotating forces in Australia.
The US president also noted the informal alliance known as Quad, which was formed in response to the 2004 Indian Ocean tsunami that killed an estimated 230,000 people. Biden and his fellow Alliance leaders, which also include Australia, India and Japan, plan to meet for a second face -to -face meeting in Tokyo in less than a year. Leaders also made two video calls after Biden sat down.
And earlier this month, Biden called a meeting of nine of the 10 members of the Association of Southeast Asian Nations at a summit in Washington, DC, the organization’s first in the U.S. capital. Biden told the summit that the United States would invest of $ 150 million in clean energy and infrastructure initiatives in ASEAN countries.
Sullivan confirmed on Sunday that Taiwan – which seeks to join the IPEF framework – is not among the coalition governments. The participation of the autonomous island of Taiwan, which China claims as its own, has angered Beijing.
Sullivan said the U.S. wants to deepen their economic partnership with Taiwan, including high-tech issues and individual semiconductor supplies.
Biden will end his five-day stay in Asia on Wednesday and hold face-to-face talks with Indian Prime Minister Narendra Modi and new Australian Prime Minister Anthony Albanese.
The center -left leader of the Australian Labor Party defeated incumbent Scott Morrison this weekend and ended nine years of Conservative leadership.
Modi, the world’s greatest democratic leader, has refused to join the United States and other allies in imposing sanctions on Ukraine for its aggression on Ukraine. In a video call last month, Biden asked fashion not to rush to buy Russian oil.
Associated Press writers Zeke Miller and Darlene Superville participated in this report in Washington.
Source: Huffpost
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