Japan, South Korea set to join US-led group

Bloomberg

Japan and South Korea are among the countries set to join the Indo-Pacific Economic Framework (IPEF), a US-led regional grouping President Joe Biden is expected to unveil later this month, the Sankei newspaper reported.
Australia and New Zealand are also set to sign up as members of the group, the paper said, without specifying where it got the information. Asean countries including Singapore may also join.
The IPEF is part of the Biden administration’s efforts to counter China’s clout in Asia, following the US withdrawal from talks on the Trans-Pacific Partnership (TPP) regional trade agreement under his predecessor as president, Donald Trump.
Biden is set to make the announcement during his first visit to allies South Korea and Japan since taking office, which will run from May 20-24, it said.
While details of the new framework remain unclear, it’s not expected to involve reductions in trade tariffs. The framework has already been criticised by senators from both major parties in the US as too narrow to achieve its objectives. Biden also hosts an Asean summit in Washington on Thursday and Friday, where the Sankei said he is expected to press leaders to join the group.
Japanese ambassador to the US, Koji Tomita, said in an online discussion this week that he expected the framework announcement to come during Biden’s visit to the region. Tomita called the IPEF “a very important initiative for the creation of a free and open Indo-Pacific,” but warned it must bring tangible benefits in order to attract participants. Japan has consistently urged the US to return to the TPP format.