Last week, President Joe Biden announced an economic initiative in which 12 Indo-Pacific countries will join the United States in “counter[ing] China’s influence in the region.” Dubbed the Indo-Pacific Economic Framework (IPEF), the initiative includes nations that, according to the Biden administration, are approximately 40% of the global GDP, reports ZeroHedge.
The IPEF includes Australia, Japan, New Zealand, India, and South Korea. In Southeast Asia, Indonesia, Singapore, the Philippines, Vietnam, Thailand, Malaysia, and Brunei are also a part of the IPEF. Of note, Taiwan and Myanmar are not included in the IPEF.
Seven of the countries involved in the IPEF were a part of the Trans-Pacific Partnership, from which President Donald Trump withdrew in 2017. Trump described the Trans-Pacific Partnership (TPP) as a bad deal, positing that he preferred a bilateral trade deal rather than one that is multi-lateral.
When Trump pulled the United States out of the agreement, the other countries revamped the original plan and renamed it the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, ZeroHedge reports.
Biden praised the Indo-Pacific Economic Framework plan.
He noted, “This framework is a commitment to working with our close friends and partners in the region on challenges that matter most to ensuring economic competitiveness in the 21st century. We’re writing the new rules.”
Biden added, “The key to our success will be the framework’s emphasis on high standards and inclusivity.”
Biden related that other countries wishing to join later would be welcome to do so.
In addition to launching the IPEF, Biden met with Indian Prime Minister Narendra Modi and the new Australian Prime Minister Anthony Albanese.
While the announcement of the Indo-Pacific economic plan was important news, a comment by Biden about Taiwan also garnered attention.
U.S. relations with Taiwan have recently become a significant topic over speculation that China could attempt to invade the country. China claims Taiwan as its territory, and there are worries China could invade the island nation, particularly after the Russian invasion of Ukraine.
Biden was questioned after his announcement regarding the IPEF and American’s commitment to assist Taiwan should China attack the country.
A reporter asked the president if he was willing to get involved militarily to defend Taiwan, presumably against Chinese aggression.
“Yes,” President Biden replied. “That’s the commitment we made.”
Last week, National Security Advisor Jake Sullivan said that while countries would discuss “significant security issues in the Indo-Pacific,” discussing a potential invasion of Taiwan was not on the “formal agenda” of the Quad meetings expected to occur between countries in the IPEF.
Sullivan added that America is looking to “deepen [its] economic partnership with Taiwan.”
China has not responded positively to America’s relationship with Taiwan. The Chinese foreign minister, Wang Yi, released a statement last week that said the U.S. is forming “small circles” under the banner of “freedom and openness” to contain China.
“Facts will provide that the so-called Indo-Pacific strategy is, in essence, a strategy to create division, to incite confrontation, and the undermine peace,” he said.
