President Biden announces plans to counter China’s economic leadership in Asia

Asia-Pacific, News, US May 24, 2022 , by IRIA No Comments

Indo-Pacific Economic Framework (IPEF) is Biden’s attempt to engage with the Indo-Pacific community amid China’s increasing influence on the regional economy.

U.S. President Joe Biden embarked on his maiden trip to Asia as a President on May 20 to strengthen the ties with his Asian allies. On May 23, President Biden officially announced his long-awaited economic plan for the Indo-Pacific region. The Indo-Pacific Economic Framework or IPEF is a U.S.-led economic plan to engage 13 countries from the Indo-Pacific region. Apart from the U.S., the list includes Japan, South Korea, Australia, Malaysia, Thailand, Brunei, Vietnam, Singapore, Philippines, India, Indonesia, and New Zealand. Together the group accumulates 40% of the world’s GDP.

IPEF is a broad economic plan that is focused on increasing U.S.’s economic leadership in the region. Contrary to what it appears, IPEF is not a free trade agreement, but instead, it is an understanding to regulate the economic cooperation among the group. The thirteen nations would focus on coordination to set international rules for the digital economy, supply chains, green economy, and regulations applying to workers.

Biden’s Trip to Asia

U.S. President Joe Biden is on his first trip to Asia as a President in order to achieve pivotal foreign policy goals. Biden’s two-stop visit to Asia is marked by important meetings with the leaders of Japan and South Korea as well as other allies in the Indo-Pacific region.

During his first leg of the trip to South Korea, the U.S. President met with his newly elected South Korean counterpart Yoon Seok-yeol. The two leaders spoke about the intense security situation in the Korean Peninsula and North Korea’s increasing weapons testing.

*_{U.S. President Joe Biden attends a bilateral meeting with South Korean President Yoon Seok-yeol at the People’s House in Seoul on May 21, 2022. (Image Credit: Reuters)}*

The joint statement from the meeting stated that “The two presidents share the view that [North Korea’s] nuclear program presents a grave threat not only to peace and stability on the Korean peninsula but also [to] the rest of Asia and the world.”

After concluding his trip to South Korea, President Biden landed in Japan, where he met with the Japanese Prime Minister Fumio Kishida. It is in Japan that Biden has presented his IPEF as he became more vocal about China’s role and increasing influence in the region.

During the joint press conference with the Japanese Prime Minister, President Biden stated that he is willing to use force to defend Taiwan, because “that’s a commitment we made”.

“We agree with a one-China policy. We’ve signed on to it and all the intended agreements made from there. But the idea that, that it can be taken by force, just taken by force, is just not, is just not appropriate,” Biden added.

^{U.S. President Joe Biden speaks during a joint news conference with Japan’s Prime Minister Fumio Kishida after their bilateral meeting at Akasaka Palace in Tokyo, Japan, on May 23, 2022. (Image Credit: Reuters/Jonathan Ernst)}

Japan, being a strong U.S. military ally would play a role in any conflict over Taiwan by enabling the U.S. military operations and helping the United States defend its assets

During his tour of Asia, Biden also met the leaders of India and Australia along with the Japanese leadership for the Quad meeting. Leaders from the four countries mainly discussed on how to counter China’s growing influence in the Indo-Pacific region.