Japan Set To Announce Participation In Ipef
Japanese government officials are arranging for Prime Minister Kishida Fumio to announce Japan's participation in the Indo-Pacific Economic Framework, or IPEF, which the US plans to launch early this year.
Japanese government sources say US President Joe Biden is expected to announce the official launch of the IPEF when he holds talks with Kishida in Japan next Monday.
The US-led initiative is expected to promote cooperation in creating more resilient supply chains and investing in high-quality infrastructure.
But the IPEF does not target cutting tariff rates.
Kishida intends to continue tenacious efforts to persuade the US to get back to the Comprehensive and Progressive Trans-Pacific Partnership free trade pact, or CPTPP, but the US does not appear eager to rejoin the pact.
Kishida and Biden are also expected to exchange views on how to stabilize the supply of key resources as China is keeping tight control over its rare earths and other raw materials as part of its national strategy.