Australia: Announced Indo-Pacific Economic Framework for Prosperity

On 23 May 2022, US President Biden has announced the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF). The IPEF initially include thirteen countries: Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, and Vietnam. The IPEF is a general framework for cooperation on a number of issues, including the digital economy. Specifically, the IPEF intends to allow partner countries to work together on establishing standards for data transfer and data localisation.