Thursday, May 26, 2022

Biden pursuing new Pacific trade deal

United States President Joe Biden wants to negotiate a new type of trade agreement with Pacific nations.


Rather than focusing on the usual aspects of trade agreements, such as reducing tariffs and other barriers to trade, the Indo Pacific Economic Framework will emphasize four pillars: supply chain resiliency; clean energy; tax and anti-corruption; and trade.


The IPEF, as it is known, is a partnership among the U.S., Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.


One of the first things former U.S. President Donald Trump did was pull out of the Trans-Pacific Trade Agreement negotiations.