Counting the Cost

Can Biden’s Asia economic plan counter China’s influence there?

The US president has launched the Indo-Pacific Economic Framework for Prosperity with 12 countries.

The United States has lacked a defined economic plan with the Indo-Pacific region since former President Donald Trump quit a multinational trans-Pacific trade agreement in 2017.

Now, President Joe Biden is attempting to engage the region that has increasingly come under China’s influence.

Biden has launched a new trade deal with 12 countries that represent 40 percent of the world’s economy – that is almost $35 trillion in global output. The Indo-Pacific Economic Framework for Prosperity includes Australia, India, Japan, South Korea and New Zealand, along with seven Southeast Asian countries.

Elsewhere, Western capitals pledge billions of dollars to Ukraine’s economy, but is it enough?