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?