Trade liberalisation remains central to US Pacific strategy
Add BT as a preferred source
LAST week’s unveiling of the Indo-Pacific Economic Framework for Prosperity (IPEF) is clearly an important move on the part of the United States to assert its presence in Asia and to reiterate its commitment to promote economic prosperity in the region.
This critical geo-economic and geo-strategic initiative by President Joe Biden, supported by 12 of America’s regional partners, came at a time when the Russian aggression in Ukraine has forced the US administration to deploy more resources in responding to a crisis across the Atlantic, raising concerns that that would divert US attention from pursuing its pivot to the Indo-Pacific region.
The launching of the IPEF during Biden’s visit to South Korea and Japan coupled with a meeting of the Quad grouping members, and earlier with ASEAN officials in Washington, have made it clear that the Biden administration intends to continue placing Asia -- and in the context, the challenge posed to its military and economic interests by China -- at the top of its global agenda.
TRENDING NOW
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
