At the annual Asia-Pacific Economic Co-operation summit in San Francisco, all eyes were on the meeting between Xi Jinping and Joe Biden. Trade negotiators had hoped the summit would yield an announcement on the Indo-Pacific Economic Framework (ipef), America’s offering on trade to 13 regional economies, intended as its main weapon in the battle for economic influence in Asia. But when it comes to competition between the two great powers in Asia, the most consequential decisions were to be made or rather not made behind the scenes. Will Joe Biden’s failures on trade be a definite win for China ?
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