U.S. Secretary of Commerce Gina Raimondo recently made several announcements while meeting with Koichi Hagiuda, the Japanese minister of economy, trade and industry, during a trip to Asia.
Raimondo recently announced the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF), which seeks to establish global standards involving digital technologies and supply chains, the Department of Commerce reported in a release.
"Today's launch of the Indo-Pacific Economic Framework for Prosperity is a clear demonstration of the Biden administration's commitment to pursuing economic engagement that benefits American workers, families, and businesses," Raimondo said in the release. "This framework will enable the United States to expand its economic leadership in the Indo-Pacific and work with our allies and partners in the region to secure our supply chains, increase clean energy production, and cooperate on the development and regulation of emerging technologies."
The introduction of the Biden Administration's IPEF was a key component of Raimondo's visit to Asia.
"Nearly one billion people in the Indo-Pacific will enter the middle class over the next decade," Raimondo said. "Deepening our ties to the region is good for American workers and businesses and that of our partners in the region, and it is crucial to our ability to stay competitive."
Raimondo thanked Hagiuda and the Japanese government for supporting IPEF and for hosting President Joe Biden's delegation unveiling the framework, the DOC reported in a separate release.
"We're committed to ensuring that this framework advances U.S. interests, benefits all , and helps us tackle the economic challenges before us," Raimondo said. "I look forward to working with our partners to ensure this framework creates a more secure, fair, and prosperous America."
Raimondo and Hagiuda addressed the continuation of bilateral programs such as the Japan-United States Commercial and Industrial Partnership and the Economic Policy Consultative Committee, the DOC reported.
The officials also spoke about current international business issues, including collaboration in industries such as semiconductors and export regulation, CNBC reported.
