America's new Indo-Pacific economic deal - awaiting the re-pivot to Asia

ONE may be forgiven for reacting sceptically to recent talk from the US on a new Indo-Pacific economic framework that can go beyond the established trans-Pacific trade pact.

We all remember how former US President Barack Obama's 'pivot to Asia' sputtered out into more of a runaround. The US withdrew from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2017 under the Trump administration, with no signs now of rejoining the pact under the Biden team. Instead, President Joe Biden said in October Washington would start talks with partners on a new regional economic framework. Visiting Asia last month, US Commerce Secretary Gina Raimondo said the US intends to initiate a formal process to develop the new framework early next year, calling it "a priority for the president".

Clearly, the US and its partners have good reasons - geostrategic, and economic - to see the framework succeed. But some questions need answers to assess if this time will be different.