Remarks by President Biden at Indo-Pacific Economic Framework For Prosperity Launch Event

Izumi Garden Gallery
Tokyo, Japan

4:42 P.M. JST

PRESIDENT BIDEN:  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-Pacific — Australia, Brunei, India — and, by the way, Mr. Prime Minister, thank you for being here as well — Prime Minister of India — the 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-Pacific — in 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 peoples — all our peoples: the vision for an Indo-Pacific that is free and open, connected and prosperous, and secure as well as resilient, where our economic — where 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 — 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 — 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 — and foreign and domestic — what our foreign and domestic policy is about.  And that’s what this framework is about as well.

So, starting today with 13 economies — economies 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 this — the past two 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.

(Event participants give remarks.)

SECRETARY BLINKEN:  Thank you, Mr. Secretary.  Mr. President, the floor is yours for closing remarks.

PRESIDENT BIDEN:  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.

The — we 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 Minster 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 this time — after all this time, in the last couple of months, but thank you again.  I really appreciate the work you’re all doing.  And we can — I think we can make some real progress.

Thank you.

5:27 P.M. JST