Trade Business Roundtable Welcomes Launch of Indo-Pacific Economic Framework for Prosperity, Urges Administration to Lead with Ambition

May 23, 2022

Washington - Business Roundtable today released the statements below following President Biden’s announcement that the United States and 12 countries have agreed to establish the Indo-Pacific Economic Framework for Prosperity (IPEF).

Business Roundtable Chair Mary Barra, Chair and CEO of General Motors, said: “Business Roundtable supports an ambitious economic and trade agenda for the Indo-Pacific, which is a vitally important region both economically and strategically. U.S. leadership in the region is critical to our competitiveness. We urge U.S. officials to work expeditiously with our Indo-Pacific Economic Framework partners to negotiate meaningful and ambitious commitments, adopting state-of-the-art provisions from recent U.S. trade agreements, including commitments to enhance the digital economy."
Business Roundtable Trade and International Committee Chair Lance Fritz, Chairman, President and CEO of Union Pacific Railroad, said: “Millions of American jobs are supported by trade with the Indo-Pacific region. The U.S. should act with urgency to negotiate meaningful commitments that set high standards, diversify and enhance supply chains, and create market opportunities. Expanding trade and investment with our IPEF partners will benefit American workers, farmers, businesses and families. The level of ambition for the IPEF and the speed of securing commitments will determine its success. We look forward to working with the Administration and Congress to ensure a timely, worthwhile outcome that garners broad bipartisan and stakeholder support.”

In February, Business Roundtable authored a letter to the Administration with 12 other trade associations, including the American Farm Bureau, National Association of Manufacturers and the U.S. Chamber of Commerce, to support launching an Indo-Pacific trade and economic initiative and outlining key components it should include.

Drawing from data the White House released, the Indo-Pacific region covers half of the world’s population and more than 60% of global GDP. Trade with the Indo-Pacific also supports over 3 million American jobs and accounts for nearly $900 billion in foreign direct investment in the United States.