President Joe Biden announced Monday from Tokyo the official launch of his Indo-Pacific Economic Framework, or IPEF, that so far includes Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Biden administration officials have repeatedly stressed that while the framework proposal, or IPEF, is expected to result in a reduction of non-tariff trade barriers, it will not include tariff-slashing market access deals that are the hallmarks of free trade agreements.