Sources told “Bloomberg” that the White House is working on preparing a digital trade agreement that includes the economies of India and the Pacific, as the US administration seeks to confront China in Asia.
Details of the potential agreement are still being drafted, but the pact could potentially include countries such as Australia, Canada, Chile, Japan, Malaysia, New Zealand and Singapore, according to one of the people, who asked not to be identified because the process isn’t public.
The agreement may set standards for the digital economy, including rules for data use, trade facilitation and electronic customs arrangements.
The deal could set out standards for the digital economy, including rules on the use of data, trade facilitation and electronic customs arrangements, according to another person.
It also would show the Biden administration is interested in pursuing new trade opportunities after spending its first months focused more on enforcing existing deals than advancing negotiations with the U.K. and Kenya that were inherited from the Trump administration.
The completion of this agreement will also represent the return of the United States to the “trade game in Asia”, through an economic plan for the most economically and strategically important region in the world, which means Biden’s confirmation of his different policy from his predecessor Trump, who decided to withdraw from negotiations for the Trans-Pacific Partnership trade deal in 2017.
Source: Bloomberg