On Monday, President Biden officially launched the Indo-Pacific Economic Framework (IPEF). The administration likes to say that IPEF is not a “traditional free trade agreement.” It isn’t, if by “traditional” you mean that it opens markets with enforceable binding commitments. What, then, is IPEF? The answer largely rests on whether the U.S. continues to exclude Taiwan from joining. First, the background. IPEF debuted with 13 members, including the U.S., Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Other countries are free to join later. The deal has four “key pillars:” (1) trade; (2) supply chains; (3) clean
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