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The US and Japan announced a new trade partnership to boost cooperation on labor, environment and digital trade issues. Pfizer filed for US authorization of its experimental antiviral COVID-19 pill. FedEx has permanently shut down its pilot base in Hong Kong. Analysis: High-Level Biden Administration Trade Tour Signals Latest Phase in “Pivot to Asia” Strategy.

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A rundown of important global risk developments in markets, in business, and region-by-region. 

High-Level Biden Administration Trade Tour Signals Latest Phase in “Pivot to Asia” Strategy

Since taking office, President Joe Biden has repeatedly said the US will build a new economic framework in the Indo-Pacific region. This week, his Administration is taking substantial steps to enact that foreign policy goal of promoting a liberal economic order in the world’s most populous and economically dynamic region. Biden’s top trade officials are visiting five US allies in Asia to define shared interests and objectives and deepen collaboration on cutting-edge issues such as supply chain resilience, semiconductors, cooperation on the digital economy and common technology standards.

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