On Thursday, U.S. Trade Representative Katherine Tai said Indo-Pacific Economic Framework (IPEF) trade negotiations are going “at a very quick pace,” She expects outcomes by the end of the year.
Washington’s first big pan-Asian trade engagement effort in over a decade, IPEF negotiations began last year with 13 Indo-Pacific nations.
“I don’t have a crystal ball… but it is absolutely in the spirit of the IPEF to be able to demonstrate that we can deliver real outcomes as we go, and not have to wait several years to realize an outcome,” Tai told a Tokyo news conference.
“I’m optimistic you’ll see results soon and maybe even this year.”
Since former President Donald Trump left the Trans-Pacific Partnership trade accord (TPP) in 2017, Washington has lacked an economic pillar to its Indo-Pacific engagement, allowing China to enhance its regional influence.
Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam are IPEF participants. Participants represent 40% of the global GDP, including the U.S.
Singapore will host the third IPEF negotiation round next month.
Last year, 15 Asia-Pacific economies, including Australia, Japan, and all 10 ASEAN members, joined the China-backed Regional Comprehensive Economic Partnership (RCEP).
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