TOKYO — President Joe Biden on Monday unveiled an initiative that he said would bind the U.S. and Asian economies more closely but that falls short of a free trade agreement and remains vague on details.
The newly named group, the Indo-Pacific Economic Framework for Prosperity, is intended to increase cooperation on trade, energy, the supply chain and anti-corruption efforts and counter the growing influence of China. Leaders of the framework have yet to flesh out how the goals would be met — and do not even define the effort as a pact — in an open-ended strategy used to lure countries to join and stay in the bloc.
At an official launch event in Tokyo intended to convey unity, Biden, Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi were joined by representatives from other member countries who appeared virtually. In a possible sign that the new framework was not drawing enthusiasm, several of the countries did not send their top leader to the announcement.
