Ministers of nations involved in a U.S.-led Indo-Pacific framework agreed Friday to start formal negotiations on building a rules-based economic order in the fast-growing region, where China is expanding its clout.
Negotiations for the Indo-Pacific Economic Framework involve four policy pillars — fair trade, supply chain resilience, clean energy with decarbonization and infrastructure, as well as proper taxation and anti-corruption.
Economy, Trade and Industry Minister Yasutoshi Nishimura and U.S. Commerce Secretary Gina Raimondo said after a two-day ministerial meeting in Los Angeles that the 14 IPEF nations agreed to engage in rule-setting talks to create economic opportunity, improve labor conditions and promote sustainability in the region.