The Indo-Pacific Economic Framework for Prosperity (IPEF), initiated by the US to encourage regional nations to diversify their trade away from China, faces challenges, as indicated by a report from the Peterson Institute for International Economics. The study reveals that, apart from Japan and the US, the targeted nations have deepened their reliance on Chinese goods over the past decade. Despite some signs of Australia shifting imports away from China, the country remains heavily dependent on China as a key market. China's economic growth continues to be a driving force in regional trade, with the recent Regional and Comprehensive Economic Partnership (RCEP) agreement expected to further accelerate integration, sidelining the US from this process.