The U.S. government has confirmed that the Indo-Pacific Economic Framework(IPEF), a new U.S.-proposed economic framework for the region, will be launched during President Joe Biden’s upcoming trip to Asia.

U.S. Secretary of Commerce Gina Raimondo said on Tuesday that Biden will announce the launch of the new regional bloc during his visit to Japan, slated for Sunday to Tuesday of next week.

The IPEF is aimed at strengthening cooperation between the U.S. and its allies in the region on issues including supply chain networks and infrastructure, and is viewed by many as part of Washington’s efforts to counter China’s growing influence in the area.

President Yoon Suk Yeol revealed in his parliamentary speech last week that Seoul’s possible participation in the IPEF will be discussed during his scheduled summit with Biden this week.

Japan, Australia and New Zealand are also expected to join the new economic bloc, along with some members of the Association of Southeast Nations, known as ASEAN, such as Singapore and the Philippines.