Administration of Joseph R. Biden, Jr., 2022

May 23, 2022

The President. Thank you all for joining today for the launch of the Indo-Pacific Economic Framework for Prosperity.

Prime Minister Kishida, thank you for your leadership and partnership as we prepared for this announcement.

We're launching today with countries from across the Indo-PacificâAustralia, Brunei, Indiaâand by the way, Mr. Prime Minister, thank you for being here as wellâPrime Minister of Indiaâthe Republic of Korea, Malaysia, and New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

And we're here today for one simple purpose: The future of the 21st-century economy is going to be largely written in the Indo-Pacificâin our region. The Indo-Pacific covers half the population of the world and more than 60 percent of the global GDP. And the nations represented here today, and those who will join this framework in the future, are signing up to work toward an economic vision that will deliver for all peoplesâall our peoples: the vision for an Indo-Pacific that is free and open, connected and prosperous, and secure as well as resilient, where our economicâwhere economic growth is sustainable and is inclusive.

We're writing the new rules for the 21st-century economy that are going to help all of our countries' economies grow faster and fairer. We'll do that by taking on some of the most acute challenges that drag down growth and by maximizing the potential of our strongest growth engines.

Let's start with new rules governing trade in digital goods and services so companies don't have to hand over the proprietary technology to do business in a country. Let's create a first-of- its-kind supply chain commitments to eliminate bottlenecks in critical supply chains and develop early-warning systems so we can identify problems before they occur.

And let's pursue other first-of-its-kind commitments to clean energy and decarbonization.

The climate crisis is an existential threat that is costing us trillions in economic damage, but there's also incredible potential and opportunity to solve problems and create good jobs by transitioning to a clean energy economies.

Let's choke off the loopholes that get at the corruption that steals our public resources. It's estimated that corruption saps between 2 to 5 percent of global GDP. It exacerbates inequality. It hollows out a country's ability to deliver for its citizens.

And tax and trade belongs in the same framework, because if companies aren't paying their fair share, it's harder for governments to pay for Trade Adjustment Assistance or to fund education or health services, or a range of public investments that make it so hard for families; it feels like they can't raise their children and give them a better life.

That's ultimately my economic policy and foreign and domesticâwhat our foreign and domestic policy is about. And that's what this framework is about as well. So starting today with 13 economiesâeconomies that represent diverse sets of perspectives as we work on pursuing our common goals.

That's critical because a key to our success will be the framework's emphasis on high standards and inclusivity. This framework should drive a race to the top among the nations in the Indo-Pacific region. And I want to be clear that the framework will be open to others who wish to join in the future if they sign up and meet the goals and work to achieve those goals.

I'm glad to have seen so many of you in person thisâthe past 2 weeks. At the U.S.-ASEAN summit, I saw many of you in Washington, and during my travels to Asia. And I'm eager to hear from each of you today.

I thank you for taking the time to be part of this framework launch.

And let me close by saying the United States is deeply invested in the Indo-Pacific. We're committed for the long haul, ready to champion our vision for a positive future for the region together with friends and partners, including the nations in this room and on the screen.

It's a priority in our agenda, and we're going to keep working to make progress with all of you every day so that we can deliver real, concrete benefits for all our people. That's how I believe we will win the competition of the 21st century together.

So thank all of you again for joining today. And I'll invite Prime Minister Kishida to say a few words now.

Mr. Prime Minister.

[*At this point, other event participants made remarks; no transcript was provided. Secretary of State Antony J. Blinken then spoke as follows.*]

Secretary Blinken. Thank you, Mr. Secretary. Mr. President, the floor is yours for closing remarks.

The President. Well, I'll be brief. First of all, let me say thank you for everyone for joining today. And thank you very much for hosting us, Mr. Prime Minister.

Theâwe launched this new framework. I appreciate hearing from all of you and for your contributions. And it's clear there will be a lot of hard work ahead of us to forge consensus on each of the framework pillars.

But in our discussions today, it's clear that we all recognize the fundamental direction we need to move in. We share the same goal of ensuring a free and open Indo-Pacific that will deliver greater prosperity and greater opportunity for all of our children. So let's all take all the tasks that we have together, work together coming out of this launch, and to speed our progress toward that goal and work rapidly to develop the first commitments.

So thank you again, Prime Minister Kishida, for your strong leadership in this launch and for welcoming us here in Tokyo. I'm looking forward to continuing to work with all of you and to strengthen the economic cooperation to deliver inclusive growth and shared prosperity.

You're all probably tired of seeing me all these timesâafter all this time, in the last couple of months, but thank you again. I really appreciate the work you're all doing. And we canâI think we can make some real progress.

Thank you.

NOTE: The President spoke at 4:42 p.m. in the Izumi Garden Gallery. In his remarks, he referred to Prime Minister Narendra Modi of India. Secretary Blinken referred to Associate Secretary for Foreign Affairs and Trade Tim Yeend of Australia.

Categories: Addresses and Remarks : Indo-Pacific Economic Framework for Prosperity, launch in Tokyo, Japan.

Locations: Tokyo, Japan.

Names: Blinken, Antony J.; Kishida, Fumio; Modi, Narendra.

Subjects: Asia : Association of Southeast Asian Nations (ASEAN); Asia : Indo-Pacific Economic Framework; Commerce, international : Asia-Pacific, regional trade promotion efforts; Commerce, international : Global minimum tax, multilateral agreement; Commerce, international : Global supply chain disruptions, efforts to address; Commerce, international : Intellectual property law, strengthening efforts; Energy : Alternative and renewable sources and technologies :: Promotion efforts; Environment : Carbon emissions, reduction efforts; Foreign policy, U.S. : Corruption, efforts to combat; India : Prime Minister; Japan : President Biden's visit; Japan : Prime Minister; State, Department of : Secretary.

DCPD Number: DCPD202200442.