Taiwan President Advocates for Participation in Indo-Pacific Economic Framework (IPEF)

Taiwan President Advocates for Participation in Indo-Pacific Economic Framework (IPEF)

VoM News Desk | January 23, 2024 | 05:23 PM IST | Asia, Breaking News, Taiwan, World | Follow on Google News

Taiwan President Advocates for Participation in Indo-Pacific Economic Framework (IPEF)

Taiwan President Advocates for Participation in Indo-Pacific Economic Framework (IPEF)

President Tsai Ing-wen of Taiwan urged support for Taiwan’s involvement in the Washington-led Indo-Pacific Economic Framework (IPEF) during a meeting with the US-Taiwan Business Council (USTBC). The IPEF, launched by the US government in May 2022, aims to enhance economic engagement and counter China’s influence. Despite not receiving an invitation, President Tsai expressed Taiwan’s willingness to contribute to the initiative. The USTBC, visiting Taipei, was encouraged to back Taiwan’s participation, emphasizing collaboration for regional and global economic and trade development.

Key Figures in the Business Group Visit

The group visiting Taiwan includes USTBC President Rupert Hammond-Chambers and Keith Krach, former undersecretary of state for economic growth in the Trump administration. While Taiwan was excluded from the IPEF, consisting of 14 partnering countries, concerns about the lack of progress on its trade pillar dampen prospects for a near-future agreement. Domestic politics in the US have hindered support for trade aspects of the framework.

Challenges to IPEF Agreement

The IPEF faced setbacks in reaching a comprehensive agreement at the APEC summit in November 2023 due to insufficient Democratic Party and congressional backing. Despite President Tsai’s appeal, the response remains uncertain. Keith Krach, though not giving a positive response, highlighted the visit’s purpose as showcasing support for strengthening economic ties between the US and Taiwan. He expressed optimism about growing momentum and friendship between the two entities.

VoM News Desk

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