US President Joe Biden is launching a new economic deal in Asia, aimed at countering China’s influence. He announced 12 regional partners who will cooperate on common standards, in areas such as clean energy and advances in the 5G network.
The 12 countries involved are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
All of these partners, except Australia and India, are also signatories to China’s “Belt and Road” initiative.
Protect against rising prices
During his first visit to Japan as President, Joe Biden presented the “Indo-Pacific Economic Framework for Prosperity”. In his speech, delivered on Monday, he cited four essential pillars: trade, supply chains, sustainable energy and infrastructure – without forgetting taxation and the fight against corruption.
At the same time, the White House says this new partnership will ensure that the region’s supply chains develop greater resilience to protect against rising prices for consumers.
“We are here today for one simple reason: the future of the 21st century economy.and century will be largely written in the Indo-Pacific region,” said Joe Biden in Tokyo.
A multiple commitment
The American president specifies that this partnership is “a commitment to [améliorer] security and trust in the digital economy, protecting workers, strengthening supply chains and fighting the corruption that robs nations of their ability to serve their citizens”.
He then added that he would aim to remove critical bottlenecks in the supply chain and carbon from the economy, and work towards clean energy and the development of “early warning systems” to identify problems before they arise.
“Let’s start with new rules governing trade in digital goods and services so companies don’t have to hand over their proprietary technology to do business in a country,” Biden said.
Consolidate relationships in the region
In 2017, former President Donald Trump withdrew from the Trans-Pacific Partnership. Joe Biden is now trying to consolidate US support in this region with this new agreement.
In South Korea, President Yoon Suk Yeol promised to support the agreement, while announcing that the country will now become a signatory to the “Declaration for the Future of the Internet”.
Google, for its part, expects a greater commitment to collaboration on cybersecurity in the region, as well as a commitment to the free flow of data between countries and companies. “Now is the time for countries in the Indo-Pacific region to chart a bold, inclusive and sustainable path to address common challenges and seize the tremendous opportunities that the digital economy can bring,” said the American giant.
Source: ZDNet.com