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.
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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.
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