US to hold virtual meeting of Indo-Pacific Economic Framework ministers

US will on Tuesday, host a virtual meeting of officials, representing 14 countries that have joined Indo-Pacific Economic Framework (IPEF). meeting will be hosted by US Tre Representative Karine Tai and Commerce Secretary Gina Raimondo. framework was launched back in May, during US President Joe Biden on his trip to Aisa with an aim to increase economic engagement on Asian continent.

IPEF fills void that former President Donald Trump created after quitting a multinational trans-Pacific agreement. pull-out served as an opportunity for China to expand its influence in region. Notably, Beijing has inked 16 FTAs with 24 countries or regions since 2002 and in 2016, tre with FTA partners (including Taiwan, Hong Kong, and Macao) constituted nearly 40% of China’s total tre volume and saw import duties reduced by RMB 42.2 billion ($6 billion) that year, according to asiasociety.org. 

As per statement, Tuesday's meeting will focus on issues of tre, supply chains, clean energy, infrastructure, taxes and combating corruption. Meanwhile, in a separate statement, Tai said that White House was mulling a plan that could see  end of tre sanctions against Mexico. “We have repeatedly expressed serious concerns about a series of changes in Mexico's energy policies and ir consistency with Mexico's commitments,'' US Tre Representative Karine Tai said in a statement. She said “U.S. companies continue to face unfair treatment in Mexico.''

More about IPEF

IPEF is focused on furring Indo-Pacific economic integration, defining norms and rules, particularly in new sectors like digital economy, and ensuring secure and resilient supply chains, according to White House national security viser Jake Sullivan. notion that new global tre regulations are required stems from more than just dissatisfaction among US voters. It's an acknowledgement of how pandemic impacted entire supply chain, closing factories, delaying cargo ships, blocking ports, and driving up commodity prices worldwide. US tre representative and Commerce Department will work toger to negotiate with partner countries around four pillars, or subjects. Talks on "fair" tre pillar will be handled by US tre representative.

(Image: AP)