WASHINGTON -- The countries that sign on to the US-led Indo-Pacific Economic Framework (IPEF) will receive priority consideration for any future investment from American companies, US Commerce Secretary Gina Raimondo said Tuesday.

Raimondo also insisted that US businesses seeking to relocate out of China will look first look at those countries.

"This is a perfect concrete example of the potential power of the Indo Pacific Economic Framework, because if we get this right, IPEF will create a platform that strengthens our economic relationships in the region, keep standards around labor and environment high," she said in a telephonic press conference following her recent trip to South Korea and Japan with US President Joe Biden.

"And when companies are looking to leave China, for example, they are going to look more favorably on countries in the Indo-Pacific region that are in the IPEF because by signing on to IPEF those countries are saying they have more transparent business environments for businesses to do business, they have higher labor standards, higher environmental standards," she added.

Biden announced the launch of the IPEF during his six-day trip to South Korea and Japan from May 20-25.

South Korea was one of the first 12 countries to sign on to the new economic initiative.

"I can assure you that countries that sign on to the framework will be the one that get first looks from American businesses in the region," Raimondo reiterated.

The secretary also called on US Congress to pass the Bipartisan Innovation Act, also known as the Chips Act.

"If we in the United States don't move quickly, we are gonna miss out. If we do move quickly, we can build a facility and employ, you know, 10,000 plus people in the United States, similar to the one that the president and I toured in Korea," she said, referring to her visit to a Samsung semiconductor plant in South Korea.

"If Congress doesn't get this done in the next couple of months, we're going to lose that opportunity because those companies will have no other choice but to create those facilities in other countries," added Raimondo.

Samsung has a semiconductor facility in Austin, Texas, and is moving to invest $17 billion to build a chip fabrication plant in Taylor, Texas by 2024.

Raimondo said the world cannot expect to see "any real relief" from the ongoing chip shortage until 2024 at the earliest when asked.

"I would just end by saying Congress is still debating the bipartisan Innovation Act, which includes $52 billion for domestic semiconductor manufacturing. It's time to end the debate and take action because we need to invest in ourselves," she said. (Yonhap)