Indo-Pacific Economic Framework (IPEF): It is a US-led initiative aimed at strengthening economic and trade ties among participating countries in the region. Indo-Pacific Economic Framework (IPEF) is also important for UPSC Prelims and UPSC Mains Exam (GS Paper 2- International Relations- International Grouping and India)
A Inter-ministerial delegation from India led by the Department of Commerce took part in the second Indo-Pacific Economic Framework for Prosperity (IPEF) round of negotiations in Bali, Indonesia.
The 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations round took place in Bali, Indonesia from 13th-19th March 2023.
During the Bali negotiating round, the Chief Negotiator of India restated their belief that IPEF would promote inclusive development and deepen economic engagement in the region through trade and investment enhancement.
The Indo-Pacific Economic Framework (IPEF) is a US-led initiative aimed at strengthening economic and trade ties among participating countries in the region.
The Indo-Pacific Economic Framework (IPEF) aims to address various economic and trade matters in the region. Its four main pillars include-
Q. What is the Indo-Pacific Economic Framework (IPEF)?
Ans. The IPEF is a framework proposed by the United States to enhance economic cooperation and trade in the Indo-Pacific region. It aims to foster a shared vision for an open, connected, and prosperous region through collaboration among participating countries.
Q. Who are the participating countries in the IPEF?
Ans. The participating countries in the IPEF include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
Q. What are the pillars of the IPEF?
Ans. The IPEF focuses on four main pillars: trade facilitation, supply chain resilience, infrastructure and decarbonization, and taxation and anti-corruption.
Q. Is the IPEF a free trade agreement?
Ans. No, the IPEF is not a free trade agreement. It is a framework for participating countries to engage in crucial economic and trade matters that concern the region. While it does not outline market access or tariff reductions, it can pave the way for future trade deals.
Q. What is the goal of the IPEF?
Ans. The goal of the IPEF is to strengthen economic cooperation and trade among participating countries in the Indo-Pacific region. It seeks to promote an open, connected, and prosperous region, while addressing challenges such as supply chain disruptions and climate change.
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The IPEF is a framework proposed by the United States to enhance economic cooperation and trade in the Indo-Pacific region. It aims to foster a shared vision for an open, connected, and prosperous region through collaboration among participating countries.
The participating countries in the IPEF include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
The IPEF focuses on four main pillars: trade facilitation, supply chain resilience, infrastructure and decarbonization, and taxation and anti-corruption.
No, the IPEF is not a free trade agreement. It is a framework for participating countries to engage in crucial economic and trade matters that concern the region. While it does not outline market access or tariff reductions, it can pave the way for future trade deals.
The goal of the IPEF is to strengthen economic cooperation and trade among participating countries in the Indo-Pacific region. It seeks to promote an open, connected, and prosperous region, while addressing challenges such as supply chain disruptions and climate change.
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