Wang says US plan goes against basic law of economy

State Councilor and Foreign Minister Wang Yi, who is visiting Fiji, slammed the so-called Indo-Pacific Economic Framework, saying the value-based trade goes against the basic law of economy and will lead nowhere.

US President Joe Biden launched IPEF last week during his Asian tour in Japan, in order build a free, open and inclusive new order.

"But if an economic framework does not lower tariffs and has no market access, where is the 'freedom' and 'open' ?" Wang said.

IPEF includes a dozen partners that does not include China. "If the framework deliberately excludes China, the largest market in the region and the world, how can it be inclusive?" Wang asked.

Wang said the US intends to frame other countries with its own rules and standards, putting aside the multilateral trade system with the World Trade Organization as the cornerstone.

The US is trying to politicize, weaponize and even ideologize economic affairs, Wang said, adding that Washington even measures normal commodity trade with "American values".

He said the moves by the US would lead nowhere.