President Joe Biden stated in Tokyo on Monday (May 23) that 13 nations have joined a new US-led Asia-Pacific trade effort aimed at countering China’s aggressive development.
“The United States and Japan, together with 11 other nations will be launching” the Indo-Pacific Economic Framework for Prosperity, or IPEF, Biden said at a press conference alongside Japanese Prime Minister Fumio Kishida.
“This framework is a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century,” he said.
Later Monday, Biden was scheduled to make a formal announcement about the framework.
He didn’t disclose how many countries had already signed up for IPEF, which the White House describes as a framework for forming a close-knit club of trade nations.
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