Vietnamese leader interested in Biden’s economic framework, but must study details

Vietnamese Prime Minister Pham Minh Chinh said Wednesday that Hanoi wants to help the United States achieve the goals of its proposed Indo-Pacific economic framework, but needs time to study the details. Chinh, in Washington for a two-day summit between President Joe Biden and Southeast Asian leaders starting Thursday, said he held discussions on the Indo-Pacific Economic Framework (IPEF) of Biden with US officials earlier on Wednesday.

“We would like to work with the United States to achieve the four pillars of this initiative,” he said during a question-and-answer session after delivering a speech at the Center for Strategic and International Studies in Washington. He said the pillars were supply chain stability, the digital economy, the fight against climate change and a fourth related to labour, taxation and the fight against corruption.

“They are very important for the United States, for Vietnam and for other countries,” he said, speaking through an interpreter. However, Chinh said the “concrete elements” of the initiative have yet to be clarified.

“We are ready to engage in discussions with the United States 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 economic engagement with the region since former President Donald Trump left a regional trade pact in 2017, leaving the field open to rival China. United States.

During a virtual summit with ASEAN last October, Biden said Washington would begin discussions on developing what has become known as IPEF, which aims to set regional standards for cooperation, but the diplomats say it should feature only peripherally this week. Japan’s ambassador to Washington said this week that the IPEF would likely be officially launched during Biden’s visit to Japan later this month, but its details were still under discussion.

Analysts and diplomats say only two of ASEAN’s 10 countries – Singapore and the Philippines – were to be part of the initial group of states to sign up for negotiations under the IPEF, which does not offer currently the expanded market access that Asian nations need given Biden’s concern. for American jobs. Chinh praised the blossoming of Hanoi’s relationship with the United States over the past decades and the explosion of bilateral trade to nearly $112 billion a year, although he said the two sides should continue their cooperation to deal with the legacy of their hostility in the Vietnam War.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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