US unveils 13-nation economic pact to assert Asia leadership; seven South-East Asian countries included

US Secretary of State Antony Blinken and Japan's Foreign Minister Yoshimasa Hayashi speaking during the Japan-US Foreign Ministers Meeting at Happo-en in Tokyo, Japan on Monday, May 23, 2022. - Reuters

JAKARTA/TOKYO, May 23 (Bloomberg): The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness.

Altogether the nations involved in the Indo-Pacific Economic Framework, or IPEF, constitute roughly 40% of global gross domestic product, according to the White House, which has touted its launch as a marquee accomplishment of President Joe Biden’s first trip to Asia.