US Prez Joe Biden unveils Indo-Pacific Economic Framework in Tokyo

"We are writing new rules for the 21st-century economy. We are going to have all our country's economies grow faster and fair," US President Joe Biden said.

Tokyo: US President Joe Biden unveiled the discussion on Indo-Pacific Economic Framework for Prosperity (IPEF) on Monday with a dozen initial partners, including India, which represent 40 per cent of the world GDP. "We'll do that by taking out some of the most acute challenges that drag down growth and by maximising the potential of our strongest growth engines," said Biden at the Indo-Pacific Economic Framework event in Japan.

"The vision for an Indo-Pacific that is free and open and secure as well as resilient, where economic growth is sustainable and inclusive. We are writing new rules for the 21st-century economy. We are going to have all our country's economies grow faster and fair," he added.

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A White House Fact Sheet said, IPEF will enable the United States and the allies to decide on rules of the road that ensure American workers, small businesses, and ranchers can compete in the Indo-Pacific. "Today in Tokyo, Japan, President Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Together, we represent 40% of world GDP," the fact sheet said.

"The United States and our partners in the region believe that much of our success in the coming decades will depend on how well governments harness innovation -- especially the transformations afoot in 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," the statement said.