US-led free trade framework to progress in 2023
MANILA, Philippines — The ambitious US-led free trade framework is expected to progress further before the year ends, amid ongoing negotiations according to a United States trade official.
Sarah Bianchi, a deputy United States trade representative, told journalists on Tuesday that they already set a goal to make “substantial progress” this year.
“We’re targeting the end of the year to have some more tangible progress in all the pillars,” she said.
The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022, counting Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam as partners.
As it is, the US and its 13 IPEF partners represent 40% of the world’s gross domestic product.
The four pillars within the framework revolved around fair trade, supply chain resiliency, clean economy and fair economy.
Negotiations surrounding a proposed supply chain agreement was announced on May 27.
Trade ministers hammered out an agreement to strengthen supply chains on crucial products, such as chips, in a bid to reduce their dependence on China.
Launched in May 2022, IPEF would enable the US to carve a bigger economic role in Asia, as China’s influence over the region grew in the past decade.
The Philippines joined a China-led free trade agreement, the Regional Comprehensive Economic Partnership, back in February. — Ramon Royandoyan
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