U.S. President Joe Biden has pledged a “new era” of U.S.–ASEAN ties. While Southeast Asian states like Thailand, Malaysia, Vietnam and Indonesia announced their interest in Biden’s Indo-Pacific Economic Framework (IPEF), the economic gains from the framework could be a long time coming. Biden launched the IPEF while on a late May visit to Tokyo, describing it as “writing the new rules for the 21st century economy.” Almost five years after the United States withdrew from the Trans-Pacific Partnership (TPP), the new IPEF has 13 participant countries and aims to revitalise American economic interest in the Indo-Pacific region, providing a reasonable alternative to China.
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