As longtime allies, Japan and the U.S. have been advocating a free and open Indo-Pacific amid growing concerns about the rise of China backed by its economic and military power.
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Compounding the danger is the most aggressive monetary tightening campaign the Federal Reserve has embarked on in two decades.
Managing Director Kristalina Georgieva said that her worry is greatest for low-income countries because 60% are in debt distress or in danger of reaching that point.
World leaders one after another have called for international cooperation even as they jockey to gain influence in the great power vacuum that the U.S. departure has left behind.
The policy would represent an early effort by the Biden administration to present an economic plan for the world’s most economically and strategically significant region.
Years, and perhaps decades, of progress have been unwound in months, as many Indians who had clawed their way out of poverty face grim job prospects.
The European Union, U.K., Japan, Switzerland, Brazil and Norway are also among territories resisting the measure currently before the WTO.