While Japan and the United States recently agreed to coordinate in building a new rules-based economic order in the Indo-Pacific region to counter China's growing clout, whether the framework can prosper and remain effective largely depends on its members gaining concrete benefits, analysts said.
The U.S.-led Indo-Pacific Economic Framework is expected to have a significant impact on the fast-growing region as it will re-establish the United States as an economic and geostrategic leader after its pullback from the Trans-Pacific Partnership trade deal under former President Donald Trump.
"It could be an effective mechanism or platform to counter China's growing influence both economically and geopolitically in the region," Brian Peck, executive director of the Center for Transnational Law and Business at the University of Southern California in Los Angeles, said.