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Indo-Pacific Economic Framework For Prosperity

Kumari Sonali

Indo-Pacific Economic Framework For Prosperity:

An Inter-Ministerial delegation from India led by the Department of Commerce participated in the second Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating round in Bali, Indonesia from March 13-19, 2023.

  • 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.
  • During the Bali Round, discussions covered all four pillars of the IPEF: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Taxation & Anticorruption) – (Pillar IV).
  • India participated in the discussions related to Pillars II to IV.

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