Fourteen countries in US-led Indo-Pacific trade talks agreed on supply chain coordination, the most substantial progress so far in President Joe Biden’s new initiative for the region.
Commerce Secretary Gina Raimondo made the announcement on Saturday alongside US Trade Representative Katherine Tai at a gathering of ministers from countries participating in the Indo-Pacific Economic Framework.
The IPEF countries include Japan, India and South Korea, which all rank among the 10 biggest national economies in the world. The nations included in the framework represent about $38 trillion in economic output.
The framework is the most significant American economic engagement in the region since President Donald Trump pulled out of the Trans-Pacific Partnership in 2017, but it stops short of reducing tariffs like a traditional free-trade agreement, which some countries have sought.
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Raimondo on Saturday said the IPEF supply chain agreement includes creating a “response network” to provide emergency communications on supply chains and the establishment of a labor rights advisory board.
