 | | U.S. President Joe Biden has unveiled his Indo-Pacific Economic Framework, a long-sought plan to boost U.S. economic engagement in the region. While details are yet to be fleshed out, the plan will be a tough sell, writes the Center for China & Globalization's founder and president, Wang Huiyao, this week. The first problem is U.S. credibility after its withdrawal from the Trans-Pacific Partnership. A larger problem is that the IPEF does not offer much to developing economies.
But the elephant in the room, argues Wang, is that it excludes Asia's largest economy. To make a real difference, Wang notes, Biden should first focus the IPEF on climate change, and second enlist China's cooperation. "If they can put aside their differences and work together, the U.S. and China have the clout and complementary capabilities to drive real progress in decarbonizing Asia," Wang writes.
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