U.S. President Joe Biden's five-day trip to Asia was an attempt to show the world, and especially China, that the Indo-Pacific is the priority region for his administration.
What advantages the IPEF will bring to participants, however, remains to be seen. It is not a traditional free trade agreement that lowers tariffs and allows access to foreign markets.
Richard Fontaine, CEO at Washington think tank Center for a New American Security, wrote in a note that IPEF was "better than nothing, but how much better remains unclear."
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