Home Science & TechEnvironment Vietnam leader interested in Biden’s economic framework, but needs to study the details | World News

Vietnam leader interested in Biden’s economic framework, but needs to study the details | World News

by YAR

WASHINGTON (Reuters) – Vietnamese Prime Minister Pham Minh Chinh said on Wednesday Hanoi was interested in helping the United States meet the goals of its proposed economic framework for the Indo-Pacific but needed time to work out the details.

Chinh, in Washington for a two-day summit between President Joe Biden and Southeast Asian leaders beginning Thursday, said he had had discussions on Biden’s Indo-Pacific Economic Framework (IPEF) with US officials on Wednesday.

“We would like to work with the United States to make the four pillars of that initiative a reality,” he said in a question-and-answer session after delivering a speech at the Center for Strategic and International Studies in Washington.

He said that the pillars were the stability of the supply chain, the digital economy, the fight against climate change and a fourth related to labor, tax and the fight against corruption.

“These are very important to the United States, Vietnam and other countries alike,” he said, speaking through a translator.

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However, Chinh said that the “concrete elements” of the initiative have not yet been clarified.

“We are ready to enter into talks with the US to clarify what these four pillars will entail and when that is clarified, we will have something to discuss,” he added. “We need more time to study this initiative and see what it entails.”

Asian countries have been frustrated by the United States’ delay in detailing plans for an economic engagement with the region since former President Donald Trump renounced a regional trade pact in 2017, leaving the field open to China, its American rival.

At a virtual summit with ASEAN last October, Biden said Washington would begin talks on developing what is known as IPEF, which is aimed at setting regional standards for cooperation, but diplomats say this is likely to be present only peripherally this week.

Japan’s ambassador to Washington said this week that IPEF is likely to be formally launched when Biden visits Japan later this month, but its details were still under discussion.

Analysts and diplomats say only two of the 10 ASEAN countries, Singapore and the Philippines, were expected to be among the initial group of states to sign up for negotiations under IPEF, which currently does not offer the expanded market access that Asian nations crave given Biden’s concern. for American jobs.

Chinh hailed Hanoi’s flourishing relations with the United States in recent decades and the explosion of bilateral trade to nearly $112 billion annually, though he said the two sides should further promote cooperation to deal with the legacy of their hostility. in the Vietnam War.

(Reporting by David Brunnstrom, Simon Lewis, and Rami Ayyub; Editing by Alistair Bell)

Copyright 2022 Thomson Reuters.

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