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The Nikkei View

Indo-Pacific Economic Framework can add stability to region

Byproduct of US-China rivalry has potential to benefit local companies

From left, Japanese Prime Minister Fumio Kishida, U.S. President Joe Biden and Indian Prime Minister Narendra Modi attend the IPEF launch event in Tokyo on May 23.    © Reuters

A new U.S.-led economic group has been born. The Indo-Pacific Economic Framework kicks off with 14 members. They vow to build more resilient supply chains and to write the rules for digital trade.

Critics point out how the new framework does not strive for greater trade liberalization by reducing or eliminating tariffs. However, the fact that the U.S. is committed to deepening economic engagement in the Indo-Pacific is a welcome development.

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