SAN FRANCISCO: US 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.

Economic ties ‘underpin’ US approach to Asia-Pacific: Yellen

“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.