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

Izumi Garden Gallery
Tokyo, Japan

16:42 JST

PRESIDENT BIDEN: Thank you all for coming today to the launch of the Indo-Pacific Economic Framework for Prosperity.

Prime Minister Kishida, thank you for your leadership and partnership in preparing this announcement.

We’re starting today with countries from across the Indo-Pacific – Australia, Brunei, India – and by the way, Prime Minister, thank you for being here too – Prime Ministers of India – the Republic of Korea, Malaysia, and New Zealand, the Philippines, Singapore, Thailand and Viet Nam.

And we’re here today for one simple reason: the future of the 21st century economy is largely being written in the Indo-Pacific—our region.

The Indo-Pacific contains half of the world’s population and more than 60 percent of global GDP. And the nations represented here today, and those who will join this framework in the future, pledge to work towards an economic vision that is fair to all peoples – all our peoples: the vision of a free and open Indo-Pacific, connected and prosperous and safe and resilient where our economy – where economic growth is sustainable and inclusive.

We are writing the new rules for the economy of the 21st century that will help all economies of our countries to grow faster and more equitably.

We do this by addressing some of the most pressing challenges dragging growth down and by maximizing the potential of our strongest growth engines.

Let’s start with new rules for trading digital goods and services so companies don’t have to give up proprietary technology to do business in a country.

Let’s create a unique supply chain commitment to eliminate bottlenecks in critical supply chains and develop early warning systems so we can spot problems before they happen.

And let’s — let’s pursue other unique clean energy and decarbonization commitments.

The climate crisis is an existential threat costing us trillions in economic damage, but there is also incredible potential and opportunity to solve problems and create good jobs as we move to a clean energy economy.

Let’s choke off the loopholes that reach the corruption that steals our public resources.
It’s – it’s estimated that corruption consumes between 2 and 5 percent of global GDP. It exacerbates inequality. It erodes a country’s ability to deliver for its citizens.
And taxes and trade belong in the same framework, because when companies don’t pay their fair share, it’s harder for governments to pay trade adjustment aid, or fund education or health services, or a range of public investments — which make it so hard for families, it feels feel like they can’t raise their children and give them a better life.

That is ultimately my economic policy and – and foreign and domestic policy – ​​our foreign and domestic policy. And that’s what this framework is all about.

So let’s start today with 13 economies – economies that represent different perspectives as we work to achieve our common goals.

This is critical because a key to our success will be the Framework’s emphasis on high standards and inclusivity. This framework was intended to fuel a race to the top among nations in the Indo-Pacific region.

And I want to make it clear that the framework will be open to others who want 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 over the past two weeks. At the US-ASEAN Summit, I met many of you in Washington and on my travels to Asia. And I look forward to hearing from each of you today.

Thank you for taking the time to be part of this framework introduction.

And let me close by saying that the United States is deeply invested in the Indo-Pacific. We are committed to the long term and stand ready to join with friends and partners, including nations in this space and on the screen, to represent our vision of a positive future for the region.

This is a priority on our agenda and we will continue to work to make progress with you all every day so that we can provide real, tangible benefits to all of our employees.

So I believe that together we will win the competition of the 21st century.

So thanks again to everyone who is here today. And I will invite Prime Minister Kishida to say a few words now.

Prime Minister.

(Event attendees provide comments.)

BLINKING SECRETARY: Thank you, Secretary. Mr President, the floor is yours for the concluding remarks.

PRESIDENT BIDEN: Well, I’ll be brief. First, let me thank everyone who participated today. And thank you for welcoming us, Prime Minister.

The — we introduced this new framework. I appreciate hearing from all of you and for your contributions. And it is clear that there is still much hard work ahead of us in order to reach consensus on each of the pillars of the framework.

But in our discussions today, it is clear that we all recognize the fundamental direction in which we must move. We share the same goal of ensuring a free and open Indo-Pacific, one that offers more prosperity and more opportunity for all of our children.

So let’s take on whatever tasks we have together, work together after this launch, accelerate our progress towards this goal and work quickly to develop the first commitments.

Thank you again Prime Minister Kishida for your strong leadership in this launch and for welcoming us here in Tokyo.

I look forward to continuing to work with you all and strengthen economic cooperation to create inclusive growth and shared prosperity.

You’re probably all tired of seeing me all the time – after all the time over the past few months, but thanks again. I really appreciate the work you all do. And we can — I think we can make real progress.

Thanks.

17:27 JST