IPEF making economic gains above the naysaying critics

SINGAPORE – While skepticism abounded ahead of last week’s Indo-Pacific Economic Framework (IPEF) meetings in Singapore, the results underscored the Biden administration initiative’s potential and need for even greater private sector support.

Because the IPEF’s ambition falls short of the last US foray into Asia-Pacific trade leadership – the Trans-Pacific Partnership (TPP) – many questioned the IPEF’s value from the start.

Yet the initiative’s focus on supply chain resilience, green economy investments and tackling obstacles to doing business in the region is proving the Biden administration’s prescience while reaffirming US leadership in regional economic, investment and integration issues.

That was seen in last week’s signing of the Clean Economy and Fair Economy Agreements, which demonstrated the initiative’s partners continue to take the necessary steps for ratification, acceptance and approval of IPEF agreements.

The Office of the Secretary of the US Department of Commerce released six press releases announcing multiple deliverables during the Singapore meeting, including significant new achievements related to the IPEF Agreement Relating to Supply Chain Resilience (Pillar II), the IPEF Agreement Relating to a Clean Economy (Pillar III) and the IPEF Agreement Relating to a Fair Economy (Pillar IV), as well as the overarching Agreement on IPEF.

(The IPEF brings together Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam and US.)

Still, critics note that IPEF does nothing to address the US’s conspicuous absence in addressing regional trade barriers and creating opportunities that traditional free trade agreements offer. They note IPEF