U.S., Indo-Pacific countries agree on roadmap to strengthen trade ties
The United States and 13 Indo-Pacific countries on Friday agreed on parameters for negotiating closer trade, environment and economic ties that U.S. Commerce Secretary Gina Raimondo said would boost investment and jobs in the partner countries, News.az reports citing Reuters.
U.S. Trade Representative Katherine Tai said that India, the world's largest democracy, did not initially join the U.S.-led Indo Pacific Economic Framework's (IPEF) trade negotiations for now but that she was discussing similar issues bilaterally with her Indian counterpart.
At the conclusion of a ministerial meeting in Los Angeles, the 14 countries agreed on the key outlines for negotiating four major "pillars" of a future agreement: trade including data flows and labor rights, supply chain resilience, green energy and environmental standards, and anti-corruption and tax measures.
IPEF will not include tariff cuts that are the bedrock of traditional free trade deals, but the talks are part of a U.S. effort to re-engage economically with countries in Asia.