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US and Asia-Pacific Nations Sign Pacts

US and Asia-Pacific Nations Sign Economic Pacts

Posted on June 6, 2024
Writer: James Miller

The United States, along with 13 other nations across Asia and the Pacific, signed key economic agreements under the Indo-Pacific Economic Framework (IPEF). This marks a significant step in Washington’s strategy to enhance its influence in the region.

The agreements, announced during a briefing in Singapore by the U.S. Secretary for Commerce Gina Raimondo, focus on promoting clean and fair trade. The nations involved, including major economies like Japan, India, and South Korea, collectively represent about $38 trillion in economic output.

The Clean Economy Agreement is centered on transitioning to renewable energy sources and combating climate change, while the Fair Economy Agreement addresses issues related to taxation and corruption.

In addition to these agreements, Raimondo highlighted commitments from a coalition of climate partners and financial institutions to invest over $25 billion in the Indo-Pacific region’s emerging market infrastructure. 

Singapore’s Prime Minister Lawrence Wong also emphasized the importance of U.S. engagement in Southeast Asia for regional peace and prosperity, underscoring the benefits of American involvement for nations like Singapore.

For more information, read the full article on Bloomberg.

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