The United States began a two-day meeting Thursday with ministers from Japan and 12 other countries to forge a path forward for the Indo-Pacific Economic Framework for Prosperity (IPEF), a Washington-led initiative that aims to set trade standards, boost supply chains in the region and act as a counterbalance to China’s growing influence.
Organizers say they hope the first face-to-face IPEF gathering will result in the launch of official negotiations focused on advancing four key framework pillars: improving supply chains, expanding clean energy, fighting tax avoidance and corruption, and progressing digital trade.
The meeting in Los Angeles is expected to lay out the scope of ensuing negotiations and help clarify which countries will join negotiations for each of the four pillars.