5/23/2022, 9:47 AM (Source: TeleTrader)
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Biden launches US, allies' Indo-Pacific prosperity plan

United States President Joe Biden launched on Monday the Indo-Pacific Economic Framework for Prosperity (IPEF) with a number of Washington's allies from the aforementioned region – Australia, Brunei, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam.

In a written statement issued by the White House, Biden signed out combating inflation as a "top economic priority." The president stressed that the framework the US and its allies have agreed on will "help lower costs by making our supply chains more resilient in the long term." The signatories consented to work together to create a more connected, resilient, clean, and fair economy, focused on, among other things, fighting climate change and enforcing "effective tax, anti-money laundering, and anti-bribery regimes."

US Secretary of State Antony Blinken, and the prime ministers of Japan and India, Fumio Kishida and Narendra Modi, were also present at the presentation in person. "The history of the 21st-century economy is going to be largely written in Indo-Pacific," Biden said on the occasion. He went on to describe the partnership's vision for the region as the one that is "wide open, secure, as well as resilient, where economic growth is sustainable and inclusive. We're writing the new rules for the 21st-century economy."

Baha Breaking News (BBN) / JR