The Indo-Pacific Economic Framework (IPEF)
Recently India has organized a special round of talks for the Indo-Pacific Economic Framework for Prosperity (IPEF) in New Delhi.
- In this round, IPEF’s second pillar (Supply Chains), third pillar (Clean Economy) and fourth (Fair Economy) were discussed.
- The Union Commerce and Industry Minister hosted a reception for visiting delegates from Indo-Pacific Economic Framework (IPEF) partner countries.
- It may be noted that in-depth circular-based discussions of the three pillars were held in New Delhi in December 2022, building on the discussions during the previous round in Brisbane, Australia.
- IPEF participants engaged in a meaningful exchange of new ideas and feedback and agreed to continue working closely in the future to make further progress in each of the three pillars.
Indo-Pacific Economic Framework (IPEF)
- India and 11 other countries led by the US launched the Indo-Pacific Economic Framework (IPEF) on May 23, 2022 in Tokyo.
- Currently the group includes Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam.
- IPEF will focus on four key pillars to establish high-standard commitments that will deepen the economic engagement of these countries in the region.
- These are the four main pillars: Connected Economy, Resilient Economy, Clean Economy and Fair Economy
Source – PIB
