Even if it does not immediately—or eventually—result in a trade deal, there is value in being at the table when regional trading structures and new standards are being discussed
Save time by listening to our audio articles as you multitaskSo the Indo-Pacific Economic Framework for Prosperity . These countries, Mr Biden said, “are signing up to work toward an economic vision that will deliver for all peoples”.leave the ground than the grumbling started once more. The chief complaint is that, which American officials call an “initiative” or an “arrangement” rather than a trade deal , does not give signatories any greater access to the American market.
“In terms of investment and trade, there is not much substance yet,” Lee Hsien Loong, Singapore’s prime minister, told reporters after a summit of Asian leaders with Mr Biden in Washington earlier in May, where the visitors are said to have been encouraged to join. Seven out of ten members of the Association of South-East Asian Nations , a regional grouping, did indeed show up for the launch, even though just two—Singapore and Thailand—had been expected to do so a week before the event.
That is the point of the thing. Asian leaders are not insensitive to America’s domestic politics and the constraints they impose upon any president. Even ifdoes not immediately—or eventually—result in a trade deal, there is value in being at the table when regional trading structures and new standards are being discussed. It is also useful to have another venue to speak regularly to America, especially for leaders of smaller countries that lack such opportunities.
The very vagueness of the framework is appealing too—it would be hard to get countries like India and Indonesia to agree to things like loosening data-localisation rules or setting strict limits on state-owned enterprises. With just vague goals, it is easier to show enthusiasm. For India in particular, it also has the benefit of allowing it to deflect criticism that it is overly protectionist.is a way of signalling that it hears Asian worries, and is trying its best to respond to them.
The most optimistic way of looking at the initiative is that by setting high standards on emissions, decarbonisation, the digital economy, tax collection, corruption and so on—all agreed to by several big Asian economies—creates an environment which makes its members more attractive to American investment, says Ms Patton. The likelihood of achieving such a breakthrough is perhaps as slim as that of it resulting in a trade deal agreeable to all its signatories.
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