US Won't Join CPTPP But Plans To Boost Relations With Indo-Pacific Region

KUALA LUMPUR, Nov 19 (Bernama) -- The United States Secretary of Commerce Gina M. Raimondo on Thursday reiterated that the world's largest economy will not be joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) but maintained it would strengthen its partnership and economic integration with the Indo-Pacific region. Speaking during a teleconference to conclude her first official visit to Asia, Raimondo stressed that US President Joe Biden believed that there were ways to deepen the US's relationship with the region beyond the traditional trade agreements. "President Biden has announced intent to explore a new kind of a regional economic framework that does just that, and focusing on areas that are frankly often not included in the traditional trade agreements like supply chain or digital standards or infrastructure. "So, this is a conversation that we are here, to begin with governments and business leaders, and we look forward to learning from their insights so we can work jointly towards a larger, more flexible economic partnership among like-minded economies in the region," she said. Raimondo was on a four-day visit to Asia beginning Nov 15, with stops in Japan, Singapore and Malaysia. She noted that the US has been partnering with Indo-Pacific economies for decades and is looking to double the long-standing relationships. At the recent East Asia Summit 2021, Biden had reaffirmed the US’s commitment to the Indo-Pacific region and announced the intention to work alongside its trading partners on Indo-Pacific economic framework, which will define shared objectives around key areas such as digital economy, technology supply chain resiliency, and infrastructure. Raimondo said during the visit, the US had begun to discuss the development of the Indo-Pacific economic framework that strengthens businesses, workforce and economies. “We intend for the framework to be flexible and inclusive, so that many different countries can participate. For example, American Indo-Pacific consumers are feeling the impact of supply chain shortages and delays. “In addition to my meetings with government officials, I have the opportunity to meet with dozens of business leaders who are either headquartered in the Indo-Pacific region, or have significant operations in the region, and will be critical partners in alleviating the supply chain disruptions,” she added. -- BERNAMA