In Tokyo, Japan, President Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
IPEF will enable the United States and its allies to decide on rules of the road that ensure American workers, small businesses, and ranchers can compete in the Indo-Pacific. As the President has said, “tackling inflation is a top economic priority, and this framework will help lower costs by making our supply chains more resilient in the long term, protecting us against costly disruptions that lead to higher prices for consumers.”
The framework will focus on four key pillars to establish high-standard commitments that will deepen our economic engagement in the region: Connected Economy, Resilient Economy, Clean Economy, Fair Economy.
The U.S. Grains Council welcomes the framework that represents a new opportunity for the U.S. to strengthen economic ties with 12 other countries that collectively make up 40% of the world’s GDP.
“The IPEF is a new approach to trade negotiations that will hopefully still create the same positive, high-standard outcomes for U.S. farmers as traditional trade agreements,” said USGC president and CEO, Ryan LeGrand. “We look forward to engaging the office of the U.S. Trade Representative (USTR) on IPEF negotiations to ensure grain and ethanol can freely move around the world.”