Prime Minister Anthony Albanese has committed to joining the Indo-Pacific Economic Framework for Prosperity, a new 13-nation economic bloc. The alliance has been proposed by US President Joe Biden as an alternative to the 11-nation Trans-Pacific Partnership (TPP).
The new economic bloc will include Australia, the US, New Zealand, India, Japan, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The White House has indicated that the alliance will help to reduce costs by making the supply chains of the US and its allies more resilient. The member nations account for about 40% of the global economy.
From The Australian:
