Tokyo, 24 May 2022 (TDI): The United States (US) hosted a summit-level meeting on the launch of the Indo-Pacific Economic Framework (IPEF) in a hybrid format.
It was attended by Prime Minister of Japan Fumio Kishida, US President Joe Biden, and Indian Prime Minister Narendra Modi in person.
While summit-level and cabinet-level representatives from 10 other countries attended online. The meeting of IPEF was held on Monday, 23 May 2022.
— MOFA of Japan (@MofaJapan_en) May 24, 2022
President Biden stated that 13 countries launched the IPEF to work together to achieve sustainable and inclusive economic growth and to address regional challenges.
He launched a new trade deal with Indo-Pacific nations aimed at strengthening their economies. Along with that, he warned that Americans are worried about high inflation and that it is “going to be a haul” before they feel relief.
Biden acknowledged the United States’ economy has “problems,” but said they are “less serious than the entire world’s,” addressing at a news conference after meetings with Japan’s Prime Minister Fumio Kishida.
“This will be a lengthy voyage,” Biden said. “This is going to take some time.” He denied the assumption that a US recession is inescapable in answer to a question.
Soon after, President Joe Biden introduced the Indo-Pacific Economic Framework. United States administration believes that the trade pact is meant to show the US’ commitment to the contentious economic sector.
It is to address the need for trade stability in the aftermath of the outbreak of the Covid-19 pandemic and Russia’s invasion of Ukraine.
Remarks of Japanese Prime Minister
Prime Minister Kishida welcomed the launch of the IPEF as a powerful demonstration of the United States’ commitment to the Indo-Pacific region.
PM Kishida expresses Japan's intention to join #IPEF | He suggested that his country will join the Indo-Pacific Economic Framework, or IPEF. President Biden announced the start of talks to launch the trade initiative at a meeting in Tokyo —NHK https://t.co/Is9aadYqpT
— Noriyuki SHIKATA (四方敬之) (@norishikata) May 23, 2022
Kishida stated that Japan will participate in the IPEF and work with partner countries, including the United States and ASEAN countries, to achieve sustainable and inclusive economic growth in the region.
Representatives from each country also welcomed the launch of the IPEF and expressed their expectations for closer collaboration in the future.