President Joe Biden and the leaders of a dozen Indo-Pacific countries launched a new partnership with the specific goal of stabilizing the region's economic future.
The Indo-Pacific Economic Framework for Prosperity expands on the Quadrilateral Security Dialogue, and while Monday's announcement does not specifically mention China, the QSD was originally propped up to counter China's economic and security influence over the region.
The framework itself commits the various governments to fostering innovation across the clean energy, digital, and technology sectors"while fortifying our economies against a range of threats, from fragile supply chains to corruption to tax havens." Officials say IPEF will"help lower costs by making our supply chains more resilient in the long term, protecting us against costly disruptions that lead to higher prices for consumers."
Biden's announcement comes on the tail end of his first trip as president to Asia. He visited South Korea over the weekend before traveling to Japan on Sunday.
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