The Biden administration has vowed to continue negotiating an ambitious Asia trade deal, but election-year pressures and resistance to tough commitments from some countries make a deal unlikely, trade experts and business groups say.
The Biden administration had emphasized finishing key chapters of its Indo-Pacific Economic Framework (IPEF) initiative trade "pillar" in time for this week's Asia-Pacific Economic Cooperation (APEC) meeting, aiming to offer the region an alternative to China's growing trade clout.
That effort failed after some countries, including Vietnam and Indonesia, declined to commit to strong labor and environmental standards with binding enforcement provisions.