Indo-Pacific Economic Framework
The Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by U.S. President Joe Biden on May 23, 2022. The framework launched with fourteen participating founding member nations in the Indo-Pacific region with an open invitation for other countries to join.
Indo-Pacific Economic Framework for Prosperity | |
|---|---|
Members of IPEF | |
| Type | Economic initiative |
| Membership | 14 countries |
Analysts have compared it to the Trans-Pacific Partnership (TPP), which the United States withdrew from in 2017. However, the initiative is intended to be a precursor for later negotiations, as it does not include a uniform lowering of tariffs.
Biden described the initiative as "writing the new rules for the 21st century economy", stating that the agreement would make the participant's economies "grow faster and fairer". Secretary of Commerce Gina Raimondo argued that the framework constituted "the most significant international economic engagement that the United States has ever had in this region". However, the pact has been described as being "hollow", "meaningless" or "useless" by some commentators, including US industry groups, due to its lack of tangible policy actions such as lowering tariffs.
In November 2023, a Supply Chain Agreement was signed.