San Francisco ¨C The Biden administration has vowed to continue negotiating an ambitious Asia trade deal, but election-year pressures and resistance to tough commitments from some countries make a deal unlikely, trade experts and business groups say.
The Biden administration had emphasized finishing key chapters of its Indo-Pacific Economic Framework (IPEF) initiative trade ¡°pillar¡± in time for this week¡¯s Asia-Pacific Economic Cooperation (APEC) meeting, aiming to offer the region an alternative to China¡¯s growing trade clout.
That effort failed after some countries, including Vietnam and Indonesia, declined to commit to strong labor and environmental standards with binding enforcement provisions.
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