US President Joe Biden has launched a new economic framework geared towards countering Chinese influence in Asia and announced the 12 regional partners who will cooperate on shared standards in areas such as clean energy and 5G network advancements.
Biden, in his first visit to Japan as president, presented the Indo-Pacific Economic Framework for Prosperity in a speech on Monday, citing four essential pillars — trade, supply chains, sustainable energy, and infrastructure — as well as tax and anti-corruption. Meanwhile, the White House claimed that the framework — as based on these pillars — will ensure that supply chains in the region develop greater resilience to protect against higher prices for consumers.
“We’re here today for one simple purpose: the future of the 21st Century economy is going to be largely written in the Indo-Pacific,” Biden said in Tokyo.
“[The framework is a commitment to] improving security and trust in the digital economy, protecting workers, strengthening supply chains, and tackling corruption that robs nations of their ability to serve their citizens.
Biden added the framework would work towards eliminating critical supply chain bottlenecks, carbon from the economy, and work towards clean energy and developing “early warning systems” to identify problems before they