Deal or No Deal: Will IPEF work?

U.S. President Joe unveiled the Indo-Pacific Economic Framework (IPEF) on Monday, involving 13 nations in the region, but with apparently little trade benefits guaranteed. The #IPEF is seen as an effort to raise America's economic profile and draw up a so-called counterbalance to China within Asia. For his part, Chinese Foreign Minister Wang Yi said the the U.S. Indo-Pacific strategy does indeed seek to form cliques in an attempt to back China into a corner, a widely shared view in the region. What are the chances Biden's Indo-Pacific Economic Framework will succeed?