Carper, Cornyn Welcome Launch of Indo-Pacific Economic Framework

Trade panel leaders applaud announcement, have long called for re-engagement in the Indo-Pacific region 

WASHINGTON, D.C.—U.S. Senators Tom Carper (D-Del.), Chairman of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness, and John Cornyn (R-Texas), the Subcommittee’s Ranking Member, today welcomed the launch of the Indo-Pacific Economic Framework announced by President Biden and twelve Indo-Pacific countries. The framework will help the United States write the rules of the road for trade and create a stronger, more resilient economy here in the U.S. and abroad.

“One of the best ways we can counter China’s anti-competitive trade practices is by working productively with our Indo-Pacific allies to write global trade rules. And while I’ll never understand why the previous Administration decided to walk away from an agreement that would have allowed us to do that, I applaud President Biden’s action today to put the U.S. back in the driver’s seat,” said Carper. “The Indo-Pacific Economic Framework will boost American competitiveness and help shore up supply chains to lower costs for consumers. I look forward to continuing to work with the Administration on further developing the Framework to ensure it supports American workers and businesses and upholds our values.”    

“While not perfect, this framework is a good first step toward a comprehensive free trade agreement in the region and reinforces the U.S. commitment to those nations and allies that abide by the rules-based, international trading system,” said Cornyn. “I look forward to working with my colleagues to push for critical priorities including market access for American businesses, farmers, and ranchers and prioritizing crucial areas such as digital trade.”  

Background:

Both Chairman Carper and Ranking Member Cornyn have long called for the United States to re-engage with our Asia-Pacific allies following the previous Administration’s misguided decision to withdraw from the Trans-Pacific Partnership (TPP). Last year, Chairman Carper and Ranking Member Cornyn sent a letter to U.S. Trade Representative (USTR) Katherine Tai calling for the U.S. to reassert trade leadership in the Asia-Pacific region by engaging again with allies to develop comprehensive, multilateral free-trade partnerships.

Chairman Carper and Ranking Member Cornyn also penned an op-ed last year in the Washington Post arguing that the U.S. must re-engage our Asia-Pacific allies to forge multilateral trade partnerships to counter China’s geopolitical rise in the region and benefit American manufacturers, farmers and small businesses.

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