Indo-Pacific Economic Framework for Prosperity (IPEF), 2nd Ministerial Meeting of IPEF Concluded
Indo-Pacific Economic Framework for Prosperity (IPEF): It is a US-led framework for participating countries to solidify their relationships and engage in crucial economic and trade matters that concern the region, such as building resilient supply chains battered by the pandemic. Indo-Pacific Economic Framework for Prosperity (IPEF) is also important for UPSC Prelims Exam and UPSC Mains Exam (GS Paper 2- International Relations, Various International Groupings having India as a member/Affecting India’s Interests).
The second in-person Indo-Pacific Economic Framework (IPEF) Ministerial Meeting, which took place in Detroit, marked significant progress in the negotiations for the Supply Chains (Pillar-II) Agreement.
India and other partner countries are committed to actively engaging in the effective implementation of the IPEF Supply Chains (Pillar-II) Agreement to achieve its overall objectives. The Agreement represents one of the most expeditiously concluded plurilateral economic cooperation agreements to date. The IPEF Supply Chains (Pillar-II) Agreement is one of the fastest ever concluded plurilateral economic cooperation Agreements. Under this Agreement, IPEF partner countries are seeking to-
Upon its implementation, the Supply Chain Agreement is anticipated to yield several advantages for India and other partner countries within the Indo-Pacific Economic Framework (IPEF). Some of the key expected benefits include:
In summary, the implementation of the Supply Chain Agreement is expected to bring about diverse benefits encompassing economic growth, resilience, trade facilitation, and capacity building.
Indo-Pacific Economic Framework for Prosperity (IPEF) is a US-led framework for participating countries to solidify their relationships and engage in crucial economic and trade matters that concern the region, such as building resilient supply chains battered by the pandemic. Indo-Pacific Economic Framework for Prosperity (IPEF) is not a free trade agreement. No market access or tariff reductions have been outlined, although experts say it can pave the way to trade deals.
On May 23, 2022, the United States and partner countries from the Indo-Pacific region jointly launched the Indo-Pacific Economic Framework (IPEF) in Tokyo.
The primary objective of the Indo-Pacific Economic Framework (IPEF), launched by the 14 partner countries in the region, is to foster cooperation, stability, prosperity, development, and peace.
India- EU Trade and Technology Council, 1st Ministerial Meeting to be Held in Brussels
The Indo-Pacific Economic Framework for Prosperity (IPEF) is a cooperative initiative launched by partner countries in the Indo-Pacific region to promote economic growth, stability, and cooperation.
The main objectives of the IPEF include fostering cooperation, stability, prosperity, development, and peace within the region. It aims to achieve these goals by promoting economic activity, attracting investments, and ensuring sustainable and inclusive economic growth.
The IPEF offers tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. It aims to enhance cooperation, strengthen economies, and create opportunities for shared prosperity.
The IPEF consists of 14 partner countries in the Indo-Pacific region. These countries collectively represent 40 percent of global GDP and 28 percent of global trade in goods and services.
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