Is Biden's Vision for a Pacific Trade Pact Failing?

U.S. President Joe Biden's vision for a regional trade pact to counter China's influence is facing challenges as negotiations stall over workers' rights. Despite this setback, Biden remains determined to advance high-standard trade that prioritizes workers' rights. The 21-member Asia Pacific Economic Cooperation (APEC) forum, held in San Francisco, witnessed Biden's commitment as he addressed corporate CEOs. The Indo-Pacific Economic Framework (IPEF), a 14-nation group established by the Biden administration, also faced obstacles in reaching a trade deal due to disagreements over labor and environmental standards. However, Deputy U.S. Trade Representative Sarah Bianchi indicated that negotiations would resume early next year with a focus on an "accelerated timeline." The White House views the IPEF as a means to enhance economic engagement with Asia following the U.S.'s withdrawal from a regional trade pact in 2017. Biden's persistence in pursuing these trade agreements comes as he faces potential competition from Republican former President Donald Trump in the upcoming presidential election. Despite these challenges, Biden secured agreements at the APEC summit, including a supply chain agreement, commitments to clean energy transitions, and efforts to combat corruption. The launch of an "investment accelerator" to attract private investment for clean energy and technology investments was also announced.

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