To add to AFTA, the TPP, which became the CPTPP, and most recently the RCEP, there's a new acronym in the alphabet soup of trade agreements relating to Asia: IPEF or the Indo-Pacific Economic Framework, which was launched in Tokyo last week.

To be precise, IPEF is not a traditional trade agreement, which typically includes mutual commitments to expand market access. But it does contain trade-related elements, such as strengthening supply chains, cutting red tape that hinders trade, improving labour standards and expanding digital trade. It also has other pillars: improving infrastructure, promoting decarbonisation and setting new rules on taxation and anti-corruption.