The U.S. intends to initiate a new economic framework for the Indo-Pacific in 2022, Commerce Secretary Gina Raimondo said, as the Biden administration aims to reinvigorate America’s standing in the region.

"We’re likely to launch a more formal process in the beginning of next year which will culminate in a proper economic framework” in Asia, Raimondo said at the Bloomberg New Economy Forum in Singapore on Wednesday. "I am here in the region beginning the discussions, laying the groundwork.”

When asked whether that would mean an actual agreement, she said: "Yeah, exactly."