The pact is designed to counterbalance the influence of China's government in the region while strengthening ties with allies.
Japanese Prime Minister Fumio Kishida, President Biden and Indian Prime Minister Narendra Modi attending the Indo-Pacific Economic Framework for Prosperity at the Izumi Garden Gallery in Tokyo on Monday. Photo: Saul Loeb/AFP via Getty Imagesdesigned to counterbalance the influence of China's government in the region while strengthening ties with allies.
The new framework "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," the White House added. Biden said at a Tokyo news conference alongside Japan's Prime Minister Fumio Kishida that the IPEF "is a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century,"Initial IPEF partner countries with the U.S.
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