President Joe Biden is set to launch a long-anticipated Indo-Pacific trade pact on Monday.
U.S. President Joe Biden, left, talks to Japanese Prime Minister Fumio Kishida during a bilateral meeting at Akasaka Palace, Monday, May 23, 2022, in Tokyo. – President Joe Biden on Monday promised “concrete benefits” for the people of the Indo-Pacific region from a new trade pact he was set to launch, designed to signal U.S. dedication to the contested economic sphere and address the need for stability in commerce after disruptions caused by the pandemic and Russia’s invasion of Ukraine.
Kishida hosted a formal state welcome for Biden at Akasaka Palace, including a white-clad military honor guard and band in the front plaza. Reviewing the assembled troops, Biden placed his hand over his heart as he passed the American flag and bowed slightly as he passed the Japanese standard. The new pact comes at a moment when the administration believes it has the edge in its competition with Beijing. Bloomberg Economics published a report last week projecting U.S. GDP growth at about 2.8% in 2022 compared to 2% for China, which has been trying to contain the coronavirus through strict lockdowns while also dealing with a property bust. The slowdown has undermined assumptions that China would automatically supplant the U.S. as the world's leading economy.
The launch of the Indo-Pacific Economic Framework, also known as IPEF, has been billed by the White House as one of the bigger moments of Biden's Asia trip and of his ongoing effort to bolster ties with Pacific allies. Through it all, administration officials have kept a close eye on China's growing economic and military might in the region.
Sullivan confirmed on Sunday that Taiwan — which had sought membership in the IPEF framework— isn’t among the governments that will be included. Participation of the self-ruled island of Taiwan, which China claims as its own, would have irked Beijing.Sullivan said the U.S. wants to deepen its economic partnership with Taiwan, including on high technology issues and semiconductor supply on a one-to-one basis.
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