What is the point of the Indo-Pacific Economic Framework?

Talk to officials in Asian capitals and a theme emerges. America, they say, is happy to engage with their countries on matters of security and geopolitics, but seems uninterested in talking about trade. Such complaints are especially common in East and South-East Asia, where governments worry that China will use its economic power in the region to undermine their sovereignty. They are keen for America to deepen economic ties as a way of reducing their reliance on China. But ever since Donald Trump, the previous president, pulled America out of the Trans-Pacific Partnership, a big trade agreement signed by his predecessor, it has been clear that America will do no such thing.

So the Indo-Pacific Economic Framework for Prosperity (ipef), unveiled by President Joe Biden in Tokyo on May 23rd, ought to have been warmly welcomed. In addition to America, a dozen countries, including economic heavyweights like Australia, India and Japan, were signatories at the launch (Fiji joined a few days later). These countries, Mr Biden said, “are signing up to work toward an economic vision that will deliver for all peoples”.