TOKYO: US President Joe Biden on Monday introduced the Indo-Pacific Economic Framework for Prosperity (IPEF) conversation with a dozen first partners, including India, which accounts for 40% of global GDP.
"We will accomplish that by addressing some of the most pressing issues that stifle growth and maximising the potential of our most powerful economic engines," Biden said at a conference on the Indo-Pacific Economic Framework in Japan. "The vision for an Indo-Pacific that is free, open, secure, and resilient, with sustainable and inclusive economic growth. We're creating new economic norms for the twenty-first century. All of our countries' economies will expand faster and more evenly "he added.
According to a White House Fact Sheet, IPEF will let the US and its partners to vote on road rules that will allow American workers, small businesses, and ranchers to compete in the Indo-Pacific.
"President Biden announced the Indo-Pacific Economic Framework for Prosperity (IPEF) today in Tokyo, Japan, with a dozen founding partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Together, we represent 40 percent of world GDP," according to fact sheet.
Prime Minister of Japan Kishida Fumio was present at this Biden-led initiative, as was the virtual presence of leaders from Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.