IPEF and RCEP not necessarily rivals

The "Indo-Pacific Economic Framework for Prosperity" announced by US President Joe Biden on May 23 is progressing on its negotiations. After the meeting of senior officials from the IPEF member countries in Singapore in mid-July, and the first virtual ministerial meeting in end-July, US Secretary of Commerce Gina Raimondo and US Trade Representative Katherine Tai will host the first in-person ministerial meeting in California on Thursday and Friday.

The IPEF comprises 13 economies from across the Asia-Pacific region: Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam and the US. Fiji joined the group soon after its formation.

Together, the economies account for more than 40 percent of the global GDP. And according to the United States, they will work under the IPEF framework to establish common rules based on four pillars: fair trade; resilient supply chains; digital connectivity infrastructure and clean energy; effective and robust taxation and fighting corruption.