The United States is working closely with its trading partners in the Indo-Pacific region to help build economic resilience, said US Trade Deputy Prime Minister Katherine Tai.
The Indo-Pacific Economic Framework (IPEF) initiative, launched in May last year by US President Joe Biden, is planning to announce several initiatives in the near future, Tai said in Osaka, Japan, during the G7 Trade Ministers' meeting.
"We are showing the vision we created in relation to the IMF, in the midst of many economic challenges with the need to cooperate with trading partners in the Indo-Pacific region. This is to promote sustainability, resilience, and inclusivity," he said.
Tai continued, we also know that we cannot sit still for five or seven years to complete the big trade negotiations. IPEF is the main economic strategy of the Biden administration in Asia. Countries that have collaborated with the US in this initiative are Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
The US-led initiative aims to strengthen relations and engage in important economic and trade matters among member countries. It is also seen as a way to counter China in the region.
Tai said details of the IPEF initiative would be announced during next month's Asia-Pacific Economic Conference (APEC) in San Francisco, but did not provide further details.
Leaders from the US and China have reportedly agreed to work towards an expected meeting during the APEC meeting, following the absence of Chinese President Xi Jinping at the annual Group of 20 meeting in India.
