INDO-PACIFIC ECONOMIC FRAMEWORK FOR PROSPERITY

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Context:  India hosted the special negotiating round for the Indo-Pacific Economic Framework for Prosperity (IPEF) in New Delhi, India, from February 8-11, 2023.  The round covered IPEF Pillars II (Supply Chains), III (Clean Economy), and IV (Fair Economy). 

Details:

Recent Developments: India stayed out of the joint declaration on the trade pillar of the U.S.-led Indo-Pacific Economic Framework ministerial meet in Los Angeles, with Union Commerce Minister Piyush Goyal citing concerns over possible discrimination against developing economies.

About IPEF:

• Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by United States President Joe Biden on May 23, 2022.

Member States:

• IPEF has fourteen member states: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.

Themes:

• The four themes of the proposed IPEF are:
  • Fair and resilient trade
  • Supply chain resilience
  • Infrastructure, clean energy, and decarbonization
  • Tax and anti-corruption 

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1898768