THE US ECONOMIC INTERESTS IN THE INDO-PACIFIC REGION UNDER BIDEN ADMINISTRATION: A CRITICAL ANALYSIS

Abstract

For strategic importance and dynamic economic growth, the Indo-Pacific Region (IPR) has emerged as a focal point of American economic interest. With more than half of the world’s population and more than 60 percent of the global Gross Domestic Product (GDP), the region comprises the important economic powerhouses of China, Japan, India, and ASEAN nations. In the face of China's growing dominance, the U.S. wants to deepen its engagement in the Indo-Pacific to gain access to important trade routes, as well as maintain economic influence and establish stable economic partnerships. The U.S. has initiatives including the Indo-Pacific Economic Framework (IPEF), and regional trade agreements to strengthen supply chain resilience, support digital trade as well as promote sustainable development. In addition, American companies have the opportunity to participate in sectors such as Technology, Energy, and Infrastructure development. Free and open markets, rule of law, and transparency in economic practices are also of the highest priorities in Washington, seeking to oppose China's protectionist and coercive economic measures. The U.S. promotes economic integration and allies with others in the region to ensure long-term prosperity and security in one of the world's most economically dynamic regions, which, it does, is essential for its role as a global economic leader.