Biden Announces the Launch of Indo-Pacific Economic Framework (IPEF)

On May 23, US President Biden announced in Tokyo the launch of the Indo-Pacific Economic Framework (IPEF), a US-led economic zone initiative. It has 13 founding members, including Japan, the United States, South Korea, and India.

The purpose of the IPEF is to create a new economic order among countries that share democratic values for economic security ​​to move away from an over-reliance on China.

The US is poised to fill the Asian vacuum created by its withdrawal from the TPP and confront China as the US positions China as its biggest competitor. Participating countries include Japan, the United States, South Korea, India, Australia, New Zealand, Indonesia, Singapore, Malaysia, Vietnam, Thailand, the Philippines, and Brunei. The 13 countries said in a statement that the goal is to build a high-level, comprehensive, free, and fair trade model, and they will soon begin discussing future negotiations.

Taiwan, which is at risk of an armed Chinese invasion, is not among them. If Taiwan joins, the CCP’s counterattack can be inevitable.

At the inauguration ceremony, President Biden stressed that the establishment of the IPEF would win the competition in the 21st century. Prime Minister Fumio Kishida also said that the IPEF would drive global growth and vitality. All participating countries (some participating online) participated in the ceremony.