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Source: The post is based on the article “Indo-Pacific Economic Framework for Prosperity(IPEF):India signs agreement with IPEF members on supply chain resilience” published in “Livemint” on 16th November 2023
Why in the News?
India has signed an agreement with the US and 12 other members of the Indo-Pacific Economic Framework for Prosperity(IPEF) to reduce its dependence on China and safeguard against supply chain disruptions.
What is the Indo-Pacific Economic Framework for Prosperity(IPEF)?
| Specifications | Details |
| Launched in | 2022 in Tokyo, Japan. |
| Aim | To strengthen economic partnership among participating countries to enhance resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the Indo-Pacific region. |
| Member Countries | 14 (US, India, Australia, Brunei Darussalam, Fiji, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam) |
| Pillars | Pillar I: Trade Pillar II: Supply chains Pillar III: Clean economy Pillar IV: Fair economy (issues like tax and anti-corruption). |
| India | India has joined 3 pillars except the trade pillar to protect its domestic agricultural, labour and digital sectors. |
| Significance | 1) IPEF accounts for about 40% of the world’s GDP and 28% of the world’s trade in goods and services. 2) It is also seen as an economic and trade strategy backed by the US to counter China’s economic influence in the region. |
UPSC Syllabus: International Relations
