President Joe Biden has announced the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) with a dozen initial partners, collectively representing 40 percent of world GDP. The partners include Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The launch of the IPEF is receiving praise from multiple ag organizations. The American Farm Bureau Federation (AFBF) indicated the framework is a positive step for trade in the region.
“We urge the administration to work with other nations through the new Indo-Pacific Economic Framework to expand access to American goods throughout the world,” AFBF President Zippy Duval said in a press release. “Trade is critical to the success of U.S. farmers and ranchers, including improving relationships and reaching new agreements with this region’s countries. The IPEF will help reduce barriers, improve the adoption of science-based standards and grow American agricultural exports to the region.”
Agricultural groups and lawmakers alike have been pushing for improved market access in the region. The White House has highlighted four key pillars to the framework that are designed to “deepen our economic engagement.” The focus of the priorities will be on supply chain resiliency, clean energy and climate change, digital security, and taxation and anti-corruption.
Other ag organizations including the National Milk Producers Federation, U.S. Grains Council, Farmers for Free Trade, and the U.S. Dairy Export Council (USDEC) also praised the announcement. USDEC noted that the IPEF provides an opportunity for the U.S. to make significant strides in a critical area for trade.
“The Asia-Pacific region is an important destination for U.S. dairy exports and offers impressive prospects for continued growth and expansion thanks to growing consumer demand for the type of high-quality products the U.S. produces so well,” USDEC President and CEO Krysta Harden said in a statement. “If IPEF is crafted to include meaningful market access improvements and address non-tariff barriers, then these regional trends will help drive economic benefits for American farmers, dairy manufacturers and industry workers for decades to come.”
