IPEF Ministerial Meeting:
The second Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting concluded with successful negotiations under the Supply Chains (Pillar II) and good progress in the other pillars.
- IPEF is a US-led framework for 14 participating countries to solidify their relationships and engage in crucial economic and trade matters that concern the region.
- Launched by US President Joe Biden in May 2022
- 14 participating founding member nations in the Indo-Pacific region
- Other : The United States, India, Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
- IPEF members represent 40% of the global GDP and 28% of the world’s trade
- Pillars of IPEF:
- Pillar I (Trade) Enhancing economic engagement, trade agreements, and market access among IPEF member countries.
- Pillar II (Supply Chains) Making supply chains more resilient, robust, and well-integrated through crisis response measures, cooperation, logistics and connectivity, and promotion of investments.
- Pillar III (Clean Economy) Advancing cooperation on research, development, commercialization, availability, and deployment of clean energy, regional hydrogen initiatives, and climate-friendly technologies.
- Pillar IV (Fair Economy) Strengthening implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies.
- India’s Participation Joined Pillars II to IV; Undecided on joining the trade pillar
