05/23/2022
US President Biden launches new economic agreement to counter China’s influence in Asia. The Indo-Pacific Economic Framework for Prosperity focuses on trade; supply chains; clean energy and infrastructure; and tax and anti-corruption and would boost ties through common standards in different economic sectors. It initially includes South Korea, Australia, Brunei, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. In total, the countries account for about 40 percent of global economic output.