(THE GIST OF PIB) Indo-Pacific Economic Framework for Prosperity

[September-2022]

Indo-Pacific Economic Framework for Prosperity

• 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:

• India was the only one of the 14 IPEF countries, which include South East Asian countries, Australia, New Zealand, South Korea and Japan, not to join the declaration on trade.
• Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by United States President Joe Biden on May 23, 2022.
• IPEF has fourteen member states: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.
• The four themes of the proposed IPEF are:

1. Fair and resilient trade
2. Supply chain resilience
3. Infrastructure, clean energy, and decarbonization
4. Tax and anti-corruption 

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Courtesy: PIB