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The U.S.-Led Indo-Pacific Economic Framework: International Political Economic Implications and Prospects
Published July 5, 2022
Publication Source: IFANS
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During his visit to South Korea and Japan in late May, U.S. President Joe Biden announced the launch of the “Indo-Pacific Economic Framework for Prosperity” (hereinafter “IPEF”) in the backdrop of the 2022 Quad Leaders’ Summit participated by Australia, India, Japan, and the United States. The IPEF is going to be a US-led, region-wide economic negotiation. The U.S. projects that the Indo-Pacific region with 60 percent of the world’s population will be the largest contributor to global growth over the next 30 years and aims to write new rules to guide the region’s economy and trade in the 21st century. The U.S. intent in the background appears to give rise to distinctive features of the IPEF, which could potentially affect the feasibility and credibility of the IPEF as multilateral economic rules as well.

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