Indo-Pacific Economic Framework
Recently, US President Joe Biden has launched the ‘Indo-Pacific Economic Framework’ (IPEF) initiative for prosperity.
- At present, apart from the US, it includes 12 other countries – India, Australia, Japan, Brunei, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
- These countries represent 40% of the world’s GDP.
- IPEF aims to strengthen ties for technology innovation in the Indo-Pacific region and for the global economy in the coming decades.
- It will create a stronger and more resilient economy in the US and the Indo-Pacific.
- Together these countries are setting new rules for the economy of the 21st century, due to which their own economies will develop at a faster pace.
- Joe Biden has expressed his commitment to working together with all the countries of the Indo-Pacific.
- Speaking on the occasion, Prime Minister Modi said that the IPEF initiative will focus on laying the foundation for an accommodative supply chain, which will be an alternative to China’s actions on important economic issues with mutual trust, transparency and timeliness.
Source – The Hindu