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