외교안보연구소 발간자료

Finalizing the Indo-Pacific Economic Framework (IPEF): The Projection of a New Paradigm for U.S. Trade Policy and its Implications

Finalizing the Indo-Pacific Economic Framework (IPEF): The Projection of a New Paradigm for U.S. Trade Policy and its Implications

Finalizing the Indo-Pacific Economic Framework (IPEF): The Projection of a New Paradigm for U.S. Trade Policy and its Implications

finalizingtheindo-pacificeconomicframework(ipef):theprojectionofanewparadigmforu.s.tradepolicyanditsimplications

호주

브루나이

피지

인도네시아

인도

일본

대한민국

말레이시아

뉴질랜드

필리핀

싱가포르

태국

미국

베트남

1. Introduction  
2. Background of the IPEF
3. The State of the Final IPEF Package
4. Assessments and Implications of the Final IPEF Package
5. Policy Considerations

Introduction  
 
The Indo-Pacific Economic Framework for Prosperity (IPEF), formally launched under the leadership of the U.S. in May 2022, was signed in its final form at the IPEF Ministerial Meeting held in Singapore on June 6, 2024.  The 14 partner countries of the IPEF are Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States, and Viet Nam.

The final IPEF package consists of the Supply Chain Resilience Agreement (Pillar II), the Clean Economy Agreement (Pillar III), and the Fair Economy Agreement (Pillar IV), as well as the overarching Agreement on the IPEF.

Although the three recently signed agreements of the IPEF are subject to IPEF partners’ domestic processes for ratification, acceptance, or approval, the IPEF, once taking effect, will establish a set of multilateral economic rules applicable to a vast economic bloc that accounts for 41% of the world's GDP and 28% of global trade in goods and services. However, since the IPEF does not directly address trade, questions arise about how the IPEF partners will harness the potential of this economic bloc without resorting to trade. On the other hand, since the U.S. spearheaded the IPEF, the final IPEF package can be seen as reflecting U.S. intentions. The exclusion of trade from the final IPEF package reveals the Biden administration’s approach to trade. Furthermore, with the U.S. holding a presidential election in November, if President Biden is re-elected, the Biden administration’s trade approach incorporated in the final IPEF agreements should be seen as a model for U.S. trade policy in the coming next four years. Therefore, it is necessary to analyze the factors that led to the final IPEF agreements and its economic and foreign policy effects.

*  Attached File

IFANS PERSPECTIVES

조 바이든

인도태평양경제프레임워크(IPEF)

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KANG Seonjou

강선주

"20240726"^^xsd:integer

IP2024-08E

KOR