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Publications Indo-Pacific Economic Framework for Prosperity: Assessing Its Economic and Strategic Prospects KANG Seonjou Upload Date 2022-10-17 Hits 113885
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During his inaugural visit to Asia in late May, US President Joe Biden officially launched the “Indo-Pacific Economic Framework for Prosperity” (hereinafter “IPEF”) in Japan one day before the convening of the 2022 Quad Leaders’ Summit of Australia, India, Japan, and the US. The US first introduced the IPEF in October 2021 at the annual East Asia Summit hosted by Brunei and officially launched the Framework after seven months of preparation. 

The IPEF is expected to be a US-led, region-wide platform for economic negotiation. The US projects that the Indo-Pacific region, home to 60 percent of the world’s population, will be the largest contributor to global growth over the next 30 years. The US aims, through the IPEF, to write new rules to promote high-standards trade, govern the digital economy, improve supply chain resiliency, and catalyze investment in transparent, high-standards infrastructure while creating opportunities for all Indo-Pacific partners. Such US intent in the background shapes the distinctive features of the IPEF, which could potentially affect the feasibility and credibility of the IPEF as a multilateral economic arrangement.

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