Indo-Pacific Economic Framework: Biden’s New Institutional Instrument in the Asia-Pacific Region

Abstract

US President Joe Biden has launched the Indo-Pacific Economic Framework (IPEF) to maintain US leadership role in the Asia-Pacific region. IPEF composes of “four pillars”: interconnected economy, resilient economy, clean economy and fair economy. The Biden administration actively seeks the support of allies around these four key areas to build an economic “united front” against China and form the main institutional instrument for the United States to compete with China in the region.