Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
US reveals 13-nation economic pact, Indo-Pacific Economic Framework (IPEF) to counter China's impact
Posted on May 30, 2022 |
- The nations involved in the IPEF include Australia, India, Japan, South Korea, and New Zealand, along with 7 Southeast Asian countries, which constitute 40% of global gross domestic product.
- The framework is aimed to increase strength, sustainability, inclusiveness, economic growth, fairness, and competitiveness for economies.
- Under the framework, participants will be required to make “high-standard commitments" in at least one of four areas, which are trade, supply chains, clean energy, and fairness.
- China is the biggest trading partner for most governments due to which many countries are reluctant to sign up for any agreement that excludes China.
- The Southeast Asian countries, which are Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam demanded to keep the framework open to China.
- China has frequently blamed the US for trying to stop its rise by forming economic and military alliances in the region.
- The nations in the IPEF represent $34.7 trillion in global output compared with $31.7 trillion for the Trans-Pacific Partnership (TPP) members.
- The US didn’t invite Taiwan to join the framework, despite over 50 senators urging him to include the government in Taipei.