WASHINGTON, D.C. — U.S. Chamber of Commerce Executive Vice President and Head of International Affairs Myron Brilliant issued the following statement on the administration’s launch of the Indo-Pacific-Economic Framework (IPEF):
“The Indo-Pacific holds vast promise as the region’s dynamic economic growth is allowing millions to join the global middle class. The U.S. Chamber of Commerce previously provided the Biden Administration with several priorities that American companies would like to see addressed in the Indo-Pacific Economic Framework, including digital trade, customs reforms, sustainability, and supply chains. We are engaging closely with the administration and regional economies to advance these goals.
“Some questions remain. It’s disappointing that the IPEF does not currently provide new access to foreign markets for American workers, farmers and companies, and it’s hard to see how it can be enforceable without such a provision. This framework seems bound to fall short of the high standards and robust benefits of the U.S. trade agreements negotiated with several regional economies, including Australia, Korea, and Singapore. In some instances, the administration is trying to use trade policy tools to achieve goals that would be better addressed by domestic policy reforms. Regardless, it’s a positive step toward strengthening economic ties in the region, and we are rolling up our sleeves to work with the administration to maximize the IPEF’s potential.”