President Joe Biden on Monday launched a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warned Americans worried about high inflation that it was “going to be a haul” before they feel relief.
TOKYO— The president said he does not believe an economic recession is inevitable in the US.
Nations joining the US in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Along with the United States, they represent 40 percent of world GDP. Critics say the framework has gaping shortcomings. It doesn’t offer incentives to prospective partners by lowering tariffs or provide signatories with greater access to US markets. Those limitations may not make the US framework an attractive alternative to the Trans-Pacific Partnership, which still moved forward after the US bailed out. China, the largest trading partner for many in the region, is also seeking to join TPP.
Biden, who is in the midst of a five-day visit to South Korea and Japan, called the US-Japanese alliance a “cornerstone of peace and prosperity in the Indo-Pacific” and thanked Japan for its “strong leadership” in standing up to Russia. 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 US GDP growth at about 2.8 percent in 2022 compared to 2 percent 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 US as the world’s leading economy.
In September the US announced a new partnership with Australia and Britain called AUKUS that is aimed and deepening security, diplomatic and defense cooperation in the Asia-Pacific region. Through that AUKUS partnership, Australia will purchase nuclear-powered submarines, and the US is to increase rotational force deployments to Australia.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden reinforces Japan ties, unveils Asia trade initiativeTOKYO: President Joe Biden met Japanese Prime Minister Fumio Kishida in Tokyo ahead of the unveiling of a multinational trade initiative on Monday as part of his push to...
Read more »
Biden says no change on ‘strategic ambiguity’ as Taiwan overshadows Quad talksUS President Joe Biden on Tuesday said there was no change to a US policy of "strategic ambiguity" on Taiwan, a day after he angered China by saying he would be willing to use force to defend the democratic island.
Read more »
Quad opposes ‘change by force’ with eyes on ChinaLeaders of Japan, Australia, the United States and India said Tuesday they oppose all attempts to "change the status quo by force, particularly in the Indo-Pacific."
Read more »
Biden reinforces Japan ties, unveils Asia trade initiativeTOKYO: President Joe Biden met Japanese Prime Minister Fumio Kishida in Tokyo ahead of the unveiling of a multinational trade initiative on Monday as part of his push to...
Read more »
Covid-free Pacific nations set to ease border restrictionsOne of the world’s last Covid-free countries has set a date to reopen its borders for the first time since the pandemic began, while another is poised to loosen its hardline restrictions.
Read more »
EXPLAINER: What's in Biden's proposed new Asia trade pact? | The Associated PressPresident Joe Biden faced a dilemma on trade in Asia: He couldn't just rejoin the Trans-Pacific Partnership that his predecessor had pulled the US out of in 2017. Many related trade deals, regardless of their content, had become politically toxic for US voters, who associated them with job losses. So…
Read more »