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InvestmentsU.S. says new Indo-Pacific economic framework not typical trade deal By Reuters

U.S. says new Indo-Pacific economic framework not typical trade deal By Reuters


© Reuters. FILE PHOTO: Semiconductors are pictured on the chip packaging agency Unisem (M) Berhad plant in Ipoh, Malaysia October 15, 2021. REUTERS/Lim Huey Teng

By Rozanna Latiff and Liz Lee

KUALA LUMPUR (Reuters) – The United States’ deliberate Indo-Pacific economic framework will likely be inclusive and versatile, and can not be structured like a typical free trade deal, its commerce secretary Gina Raimondo stated on Thursday.

In a teleconference name throughout a go to to Malaysia, Raimondo stated discussions on the framework are in preliminary levels, however might contain a number of key areas together with the digital economic system, provide chain resiliency, infrastructure, export management, and clear vitality.

“We absolutely do not envision this to be a traditional trade agreement,” she stated, including that the U.S. will develop the framework with allies within the months to come back.

A Commerce Department spokesperson stated in an e-mail to Reuters on Friday that no formal proposals have been put collectively about what the framework would come with or what its exact authorized construction may very well be.

“We do expect it would be developed in close consultation and through robust engagement with a number of stakeholders, especially Congress, as we continue to define our goals and desired outcomes for the framework,” the spokesperson stated.

On Wednesday, Raimondo stated an Indo-Pacific economic framework may very well be launched in the beginning of subsequent 12 months, and her Asia go to was to put the groundwork for potential partnerships.

Critics of U.S. technique for the area have pointed to its lack of an economic part after former President Donald Trump withdrew in 2017 from a U.S.-inspired trade deal, now referred to as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Earlier on Thursday, the U.S. and Malaysia stated in a joint assertion that each nations plan to signal an settlement by early 2022 in the direction of bettering transparency, resilience and safety within the semiconductor and manufacturing sector provide chains.

The settlement comes as Malaysia seeks to sort out a scarcity in semiconductor chips after provides had been disrupted attributable to curbs imposed to stem a surge in COVID-19 instances this 12 months.

Malaysia’s chip meeting trade, accounting for greater than a tenth of a worldwide trade price over $20 billion, has warned that shortages will final at the least two years.

Raimondo stated each governments had a broad ranging dialogue with the semiconductor trade on Thursday, together with to chop out redundancy in investments and to spice up provides.

(This story has corrected to take away quote saying settlement not envisioned to require Congress’ involvement, provides spokesperson’s remark)

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