ASEAN member countries assess new IPEF economic framework
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Seven members of the Association of Southeast Asian Nations have said they will participate in talks on a new economic framework for the Indo-Pacific, known as the IPEF.
Officials from these countries are now assessing the IPEF's potential merits.
The incoming president of the Philippines, Ferdinand Marcos Jr., said at a press conference on Monday that he will place importance on the new framework. Marcos said the Philippines is deeply involved in the IPEF's launch and considers itself an important member, as he wants to open up the country's economy as much as possible.
Vietnam has expressed a more cautious view.
Its Prime Minister Pham Minh Chinh attended the online meeting Monday and said his country will continue discussions with ASEAN members and relevant countries, to clarify cooperation in order to make the framework effective. He said he will call on the IPEF to bring substantial benefits to ASEAN countries, including his own.
An expert on ASEAN issues, former ISEAS visiting fellow Supalak Ganjanakhundee, told NHK the region needs something to counterbalance China's growing economic and political influence. He said the framework "is still vague, but anyway, it's ASEAN style: Join first and negotiate later."
The IPEF's functions do not include reducing tariffs, even as ASEAN countries want to increase their exports to the US. The US instead emphasized other aspects of cooperation ahead of the framework's launch. These include clean energy and supply chain resilience.
The expert said the IPEF might help some larger countries, but it could alienate smaller ones. ASEAN members may try to gauge how much the framework can actually help their respective economies.
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