China is not a party to a US trade agreement with Indo-Asian nations.
Chinese Foreign Ministry Spokesperson Wang Wenbin said on Wednesday (May 25, 2022) that the United States wants to decouple the Indo-Pacific countries from the Chinese economy by entering into a trade agreement with 12 nations in the region. . The information is from Reuters.
According to Wenbin, the IPEF (Indo-Pacific Economic Framework) serves US interests. He said that “many countries”, are concerned about the “huge cost” to join the pact. Wenbin, however, did not specify which nations would be apprehensive.
The US President, Joe Biden, announced the trade agreement on Monday (May 23). The following will be part of: Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam. These nations, with the US, represent 40% of the global GDP (Gross Domestic Product).
The nations said in a statement that the agreement will help countries prepare their “Economics for the future” in the face of world economic scenarios after the pandemic and gives war in ukraine.
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