WEBVTT - Eric Martin on IPEF Talks (Audio)

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<v Speaker 1>Well, the US is set to host economic talks with

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<v Speaker 1>Asian nations to counter China's influence in the Indo Pacific region,

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<v Speaker 1>joining US to discusses Eric Martin Bloomberg, Trade and Economy Reporter.

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<v Speaker 1>So it's called IPAF. Eric, it's supposed to start in

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<v Speaker 1>l A on Thursday. Just tell us the nations that

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<v Speaker 1>are coming in and what i PAF is trying to

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<v Speaker 1>achieve here. Yes, this is thirteen nations plus the US.

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<v Speaker 1>We have some of the members of the Group of

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<v Speaker 1>twenty largest economies, including India, Japan, South Korea, Australia. And

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<v Speaker 1>on the menu is trade cooperation and integration. This is

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<v Speaker 1>an initiative that the US is leading and organizing and

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<v Speaker 1>uh negotiating with these countries. And this is continent, a

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<v Speaker 1>unaway replacement for the Trans Pacific Partnership that was abandoned

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<v Speaker 1>by President Trump in the early days of his administration. Eric,

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<v Speaker 1>are we actually expecting anything tangible to come through from this?

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<v Speaker 1>You know that the likes of reducing tariffs or or

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<v Speaker 1>a traditional free trade agreement. Also one thing that we

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<v Speaker 1>know is not on the menu in terms of the

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<v Speaker 1>options being currently negotiated. This idea of reciprocal tariff reduction,

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<v Speaker 1>which has been a goal of US free trade agreement

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<v Speaker 1>negotiation since MASTA in the early nine nineties. And so

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<v Speaker 1>the question as well, if they're not talking about reducing tariffs,

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<v Speaker 1>what are they talking about. Well, they're looking at regulatory cooperation,

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<v Speaker 1>renewable energy promotion, UH, fair trade initiatives that that take

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<v Speaker 1>care of labor and workers, and and just looking at

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<v Speaker 1>ways to be kind of standard setting indiando Pacific and

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<v Speaker 1>in Asia as a way to be present and to

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<v Speaker 1>be asserting US leadership in the presence of China and

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<v Speaker 1>really in competition with China. That's kind of the larger,

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<v Speaker 1>the larger subtext here. Uh, this is coming after we

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<v Speaker 1>saw relations with China and the U s to terrior

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<v Speaker 1>right over Nancy Pelosi's visit to Taiwan. I guess just

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<v Speaker 1>how much importance is the US really trying to place

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<v Speaker 1>on on ensuring that it has enough allies in the region. Well,

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<v Speaker 1>you know that that definitely is important. We saw I

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<v Speaker 1>believe it was earlier today, UH National Security Advisor Jake

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<v Speaker 1>Olivan mentioning concern about the potential for Chinese aggression against Taiwan.

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<v Speaker 1>So this is definitely something that the Biden administration is uh,

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<v Speaker 1>you know, is aware of and is watchful for. Uh. Actually,

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<v Speaker 1>Taiwan is not among the the governments that is present

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<v Speaker 1>at these negotiations. The US is is undertaking its own

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<v Speaker 1>framework separately with Taiwan, and a lot of the governments

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<v Speaker 1>are are signaling that they don't want to be asked

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<v Speaker 1>to choose between the US and China, that they really

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<v Speaker 1>want to be able to work with both, with both

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<v Speaker 1>countries as partners. And so there's kind of an aversion

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<v Speaker 1>to uh, you know, to being asked in any way

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<v Speaker 1>or signaling uh you know, with US or against this

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<v Speaker 1>type of attitude with the world to geopolitical superpowers. Yeah.

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<v Speaker 1>Just very finally and quickly, uh, the impact of climate

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<v Speaker 1>change here, I mean HUSSLANDA was talking with John Carey

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<v Speaker 1>earlier in the week, the envoy saying that this is

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<v Speaker 1>like fighting a war. I was speaking to the Singapore

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<v Speaker 1>Minister for Trade and Energy as well, and he said

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<v Speaker 1>this is something that that nations need to combine on here. Well, absolutely,

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<v Speaker 1>you know, renewable energy fighting climate change are two goals

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<v Speaker 1>for the Buying administration. We have the immediate reminder here

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<v Speaker 1>in Los Angeles undergoing a nearly unprecedented heat wave with

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<v Speaker 1>the danger of potential rolling blackouts even on these days

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<v Speaker 1>when the ministers are here in l A. So you know,

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<v Speaker 1>climate change, one of the great challenges of our times

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<v Speaker 1>ever present, as Minister is prepared to meet here tomorrow

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<v Speaker 1>and California avoiding those rolling blackouts are at Eric, thank

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<v Speaker 1>you very much. Eric Martin, Bloomberg Trade and Economy Reporter,