Japan announces readiness to join US-led regional economic initiative

By Ahmet Furkan Mercan

TOKYO (AA) - The Japanese government has announced that it is ready to participate in the Indo-Pacific Economic Framework (IPEF) prepared under the leadership of the US.

Japan welcomes the IPEF as the embodiment of the active US commitment to the Indo-Pacific region and looks forward to joining, Chief Cabinet Secretary Hirokazu Matsuno said Wednesday at a press conference.

The assessment was made based on realizing the vision of a free and open Indo-Pacific, an umbrella term that encompasses Indo-Pacific-specific strategies of countries with similar interests in the region, Matsuno said, adding they will continue to invite the US to join the Trans-Pacific Partnership (TPP) Agreement.

"We will continue to work with the United States to increase cooperation through the IPEF and to build the desired economic order in the region," he said.

The US-led initiative is a plan to promote high standards of trade, digitization of the economy, development of supply chains and facilitating infrastructure investments.

US President Joe Biden is scheduled to visit South Korea and Japan on May 20-25 and announce the official launch of the IPEF in Tokyo, where he will come as part of the Quad Leaders' Summit.