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The Independent UK

National

Via AP news wire

Japan welcomes new US Indo-Pacific economic initiative

Japan Indo Joe Biden Tokyo IPEF Quad TPP

Copyright 2022 The Associated Press. All rights reserved

Japan welcomes a new U.S. economic initiative for the Indo-Pacific that President Joe Biden is expected to roll out during a visit to Tokyo next week because it demonstrates American commitment to a regional economic order that is not just about market access, an official said Friday.

Biden is proposing the new Indo-Pacific Economic Framework, or IPEF, as an alternative to the Trans-Pacific Partnership which the United States dropped out of in 2017 under former President Donald Trump. Japan played a key role in bringing together the other 11 members of that pact, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

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