On Monday, in Tokyo, Japan, President Biden announced a new strategic partnership of the United States known as the Indo-Pacific Economic Framework for Prosperity (IPEF). The IPEF is between the United States and 12 other nations that include Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. These nations represent 40% of world GDP, and the strategic partnership is focused on shared economic prosperity and global peace and stability. The partnership is not a trade deal like the Trans-Pacific Partnership (TPP), which was ultimately abandoned by the United States, but it is intended to provide mutually beneficial trade opportunities for participating nations.
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