Indo Pacific Economic Framework:
India has decided to join at least one of the four cooperative work programmes unveiled last week under the ‘clean energy pillar’ of the U.S.-led Indo Pacific Economic Framework (IPEF) – the one on facilitating and promoting carbon-market activities.
- The Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by U.S. President Joe Biden on May 23, 2022.
- The framework launched with fourteen participating founding member nations in the Indo-Pacific region with an open invitation for other countries to join.
- Indo Pacific Economic Framework (IPEF) was launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022 at Tokyo.
- IPEF has 14 partner countries including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam & USA.
- It seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region.
- The framework is structured around four pillars relating to Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).
- Seen by many analysts as an attempt by the U.S. to counter China’s growing influence in the region, the IPEF aims at having a common set of rules and standards around the four pillars.
