Biden draws in Japan who will join the new Asian trade agreement

TOKYO (AFP) – President Joe Biden on Monday promised “tangible benefits” to the peoples of the Indo-Pacific region from a new trade pact he was due to launch, designed to signal the United States’ dedication to the disputed economic sphere and address the need for stability in trade after the turmoil. caused by the epidemic and Russia’s invasion of Ukraine.

Biden, during his meeting with Japanese Prime Minister Fumio Kishida, said that the new economic framework for the Indo-Pacific region will also increase US cooperation with other countries in the region.

The White House said the framework will help the United States and Asian economies work closely on issues including supply chains, digital trade, clean energy, labor protection and anti-corruption efforts. Details still need to be negotiated among member states, making it difficult for the administration to say how this agreement will fulfill the promise of helping American workers and businesses while also meeting global needs.

The signatories to the framework will be announced Monday during Biden’s visit to Tokyo for talks with Kishida. It is the latest move by the Biden administration to try to maintain and expand US influence in a region that until recently appeared to be under the increasing control of China.

Kishida gave an official state welcome to Biden at Akasaka Palace, including a white-clothed military honor guard and squad in the front yard. After reviewing the combined forces, Biden put his hand over his heart as he passed the American flag and bowed slightly as he passed Japanese standards.

Kishida, in brief remarks, said he was “extremely pleased” to welcome Biden to Tokyo on his first Asian trip during his presidency. Along with Biden, he led a hard line against Russia over its invasion of Ukraine, saying it “undermines the foundations of the world order.”

Biden, who is on a five-day visit to South Korea and Japan, called the US-Japan alliance “the cornerstone of peace and prosperity in the Indo-Pacific region” and thanked Japan for its “strong leadership” in standing up to Russia.

The White House announced plans to build the economic framework in October as an alternative to the Trans-Pacific Partnership, which the United States withdrew from in 2017 under then-President Donald Trump.

The new agreement comes at a time when the administration believes it has an advantage in its competition with Beijing. Bloomberg Economics published a report last week that forecast US GDP growth of about 2.8% in 2022 compared to 2% for China, which has been trying to contain the coronavirus through strict lockdowns while also dealing with property collapse. The economic slowdown has undermined assumptions that China will automatically replace the United States as the world’s leading economy.

“The fact that the United States will grow faster than China this year, for the first time since 1976, is an absolutely stark example of how countries in this region should look at the issue of trends and trajectories,” the White House National Security said. Consultant Jake Sullivan.

Critics say the framework has significant shortcomings. It does not offer incentives to potential partners by lowering tariffs or providing signatories with greater access to US markets. These limitations may not make the US framework an attractive alternative to the Trans-Pacific Partnership, which continued to advance after the US bailout. China, the largest trading partner for many in the region, is also seeking to join the Trans-Pacific Partnership.

“I think a lot of partners will look at that list and say, ‘That’s a good list of issues. “I’m happy to be involved,” said Matthew Goodman, former director of international economics at the National Security Council during President Barack Obama’s administration. But he said they might also ask, “Are we going to reap any tangible benefits from participating in this framework?”

It is possible for countries to be part of both trade deals.

Biden’s first stop on Monday was a private meeting with Emperor Naruhito of Japan at Naruhito’s residence in the fertile grounds of the Imperial Palace before talks with Kishida.

The two leaders are scheduled to meet the families of Japanese citizens who were kidnapped by North Korea decades ago. The Japanese prime minister took office last fall and is looking to strengthen ties with the United States and build a personal relationship with Biden. He will host the president in a restaurant for dinner.

The White House described the launch of the Indo-Pacific Economic Framework, also known as the IPEF, as one of the biggest moments of Biden’s Asia trip and his ongoing efforts to strengthen ties with Pacific allies. Through it all, administration officials have kept a close eye on China’s growing economic and military power in the region.

In September, the United States announced a new partnership with Australia and Britain called AUKUS aimed at deepening security, diplomatic and defense cooperation in the Asia-Pacific region. Through this AUKUS partnership, Australia will purchase nuclear-powered submarines, and the United States will increase the deployment of the patrolling force in Australia.

The US president also paid close attention to the informal alliance known as the Quartet, which was formed during the response to the 2004 Indian Ocean tsunami that killed about 230,000 people. Biden and his colleagues from the coalition, which also includes Australia, India and Japan, are due to meet in Tokyo for their second in-person meeting in less than a year. The leaders have also held two video calls since Biden took office.

Earlier this month, Biden gathered representatives from nine of the 10 members of the Association of Southeast Asian Nations in Washington for a summit, the first of its kind to be held by the organization in the US capital. Biden announced at the summit that the United States would invest about $150 million in clean energy and infrastructure initiatives in ASEAN countries.

Sullivan confirmed Sunday that Taiwan – which has sought membership under the IPEF – is not among the governments to be included. The participation of the self-governing island of Taiwan, which China claims as its own, would have angered Beijing.

Sullivan said the United States wants to deepen its economic partnership with Taiwan, including high-tech issues and the supply of semiconductors on a one-to-one basis.

Biden is set to conclude his five days in Asia on Tuesday with a four-way meeting and one-on-one talks with Indian Prime Minister Narendra Modi and new Australian Prime Minister Anthony Albanese.

This weekend’s centre-left leader of the Australian Labor Party defeated Scott Morrison and ended nine years of Conservative rule.

Modi, the leader of the world’s largest democracy, has refused to join the United States and other allies in imposing sanctions on Russia over the invasion of Ukraine. In a video call last month, Biden told Modi not to speed up his purchase of Russian oil.

—-

Associated Press writers Zeke Miller and Darlene Superville of Washington contributed to this report.