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IPEF will help enhance economic ties with Indo-Pacific countries: White House

Economy 06:28 May 17, 2022

By Byun Duk-kun

WASHINGTON, May 16 (Yonhap) -- The U.S.-proposed Indo-Pacific Economic Framework (IPEF) will help further enhance the country's economic relations with countries in the region, a White House spokesperson said Monday.

Karine Jean-Pierre also said the new economic framework will promote investment in green economy, which she said in turn will help level the playing field for workers and businesses here at home and in the Indo-Pacific region.

The remarks come as President Joe Biden is set to travel to the region where he is widely expected to unveil the details of the U.S.-led economic framework.

"So as it relates to our economic framework, it's going to focus on building agreements with Indo-Pacific partners, and one, developing a modern digital economy, including opening the door for small and medium businesses," Karine Jean-Pierre said of the IPEF in a daily press briefing.

White House Press Secretary Karine Jean-Pierre is seen answering questions in a press briefing at the White House in Washington on May 16, 2022 in this image captured from the White House's website. (Yonhap)

The new White House press secretary added the IPEF will seek to reduce supply chain vulnerability and drive investments that will create good jobs for people in the U.S. and the Indo-Pacific.

She also said the new initiative will promote investment in the green economy, adding that investment in the green economy and building an economy with fairer tax and anti-corruption practices will level "the playing field not just for workers, but also for businesses."

Biden is set to embark on a three-day visit to Seoul from Friday.

South Korean President Yoon Suk-yeol said on Monday (Seoul time) that he will discuss IPEF details with Biden when they meet over the weekend.

"The United States has strong economic, trade ties in the Indo-Pacific, and so we are agree it is essential for us to step up economically in the region and to do it fast," said Jean-Pierre.

The U.S. president will depart Seoul on Sunday for a visit to Japan before returning home next week.

bdk@yna.co.kr
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