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Success of Biden's IPEF will depend on business involvement

Initiative can benefit region's economies even without cutting tariffs

| East Asia
Joe Biden, Fumio Kishida and Narendra Modi participate in the IPEF launch event in Tokyo on May 23: When one door closes, others can open.   © AP

Kurt Tong is managing partner at strategic advisory firm The Asia Group in Washington and a member of the advisory board of the American Association of the Indo-Pacific. He was previously a senior U.S. diplomat handling Indo-Pacific economic affairs.

Economic policy commentators across the Indo-Pacific region have expressed concern that the U.S. has taken a step back from traditional market-opening initiatives, which emphasize tariff reduction and the elimination of at-the-border barriers to international trade and investment.

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