Yellen: Indo-Pacific trade talks need 'further work'

U.S. Treasury Secretary Janet Yellen on Monday said there has been "very substantial progress" on three of the four areas under discussion by the 14 member countries of the Indo-Pacific Economic Framework, but that trade needs "further work."

A centerpiece of the Biden administration's efforts to deepen economic ties with Asian nations and counter China's rising dominance in the Pacific, the IPEF is a forum for multilateral talks aimed at forging agreements in a range of areas, including trade. "My understanding is that very substantial progress has been made on three of the four pillars" of the talks, Yellen said in a news conference in San Francisco, referring to talks on supply chains, the climate transition, and anti-corruption.