Fourteen nations, including Australia, Japan, and the United States, on Thursday wrapped up the first in-person negotiating round for the U.S.-led Indo-Pacific Economic Framework aimed at setting trade rules and standards in the region amid China's growing clout.
During the six-day talks in Brisbane, officials of the IPEF members discussed the framework's four pillars -- fair trade, supply chain resilience, infrastructure and clean energy, and tax and anti-corruption -- based on a draft agreement prepared by the United States, according to a government source.
The four pillars include areas such as digital trade rules and sustainable agriculture, among other issues.
IPEF, launched in May during U.S. President Joe Biden's visit to Japan, is part of the U.S. government's efforts to economically re-engage with the fast-growing Indo-Pacific. Biden's predecessor, Donald Trump, withdrew the United States from what was then known as the Trans-Pacific Partnership free trade deal in 2017.
Distinct from conventional free trade agreements, the Biden administration has excluded politically-sensitive tariff-cutting talks that are traditionally part of such agreements.
Canada's application for membership was a topic of discussion in the first round of negotiations.
As IPEF members in September announced the start of formal negotiations, Canada said the following month it will seek to join the framework. The Biden administration has expressed support for Canada's bid.
The U.S.-led framework, representing 40 percent of global gross domestic product, has also been joined by Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.
