Amid China's ongoing quest to expand its economic clout in Asia and beyond, the administration of U.S. President Joe Biden will gear up next year to launch an Indo-Pacific economic framework to deepen engagement with the region.
But the odds are not necessarily in favor of Washington in the absence of a robust strategy for regional trade, an area where the world's second-largest economy seems increasingly eager to fill the void.
The idea to develop the economic framework was first announced by Biden in virtual regional summits in the fall, and it could take shape early next year following talks with U.S. allies and partners.