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News; Recently, the United States launched the Indo-Pacific Economic Framework (IPEF) before the Quad leaders’ summit in Tokyo
About the IPEF
The US-led economic engagement which will promote fair trade, supply chain resilience, infrastructure, clean energy, and decarbonisation, among others.
It comprises a diverse group of 12 countries initially — Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
Importance of IPEF
This is a salient attempt to allow countries to decouple from Chinese over-dependence This is aimed to re-establish the US by strengthening the existing free and open rules-based global order, which is being threatened by China.
It complements the “Quad Plus” process. It brings together seven critical countries of the Association of Southeast Asian Nations (ASEAN), all Quad states, and dialogue partners, including South Korea. Thus, both QUAD and IPEF build a comprehensive and integrated approach to combat shared challenges arising out of Chinese.
The US and India, two of the largest economies of the world, are not a part of the China-led or ASEAN-led Regional Comprehensive Economic Partnership (RCEP) or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in which China has applied.
The grouping potentially represents an amalgamation of the eastern and western “like-minded” countries. It comprises developing and developed economies as well as middle and major powers that are committed to maintaining an inclusive, rules-based and liberal institutional order.
It is a broad, all-embracing, and comprehensive framework that can stand as a pillar for regional security and stability, multilateralism, and defence of global institutionalism and the status quo.
A stronger regional economic framework promotes a resilient and secured supply-chain across the region and the world.
It is likely to complement the other Indo-Pacific projects like the Supply Chain Resilience Initiative. The initiative also seeks to build resilient and secure trade linkages by reducing dependence on China.
What is the response of China?
The inclusivity angle is questioned by China because China calls the grouping a US-led “anti-China” tool and a reflection of a broader democratic coalition.
Way Forward
Chinese narratives about the Quad such as an “anti-China tool”, “sea foam” to “Asian NATO” have only served to coalesce the Quad states and inclusion of more states (plus format) and agenda (security).
The Quad Plus should take this process forward and strengthen cooperation on critical topics in the Quad’s agenda (for instance, security, critical technology, global health, climate
South Korea also embraced the Indo-Pacific framework. In fact, it is keen to participate in the Quad process for a long. For example, During the Covid-19 crisis, South Korea (along with New Zealand and Vietnam) had joined the so-called Quad Plus meetings to coordinate actions to stem the pandemic.
Taiwan plays a critical role in the global semi-conductor supply chain network. It is a major economy in the Indo-Pacific region and also an active member of the Asia Pacific Economic Cooperation (APEC). Therefore, Taiwan should be included in the grouping. Its inclusion would also be a geopolitical statement against coercion tactics by international actors.
A “corridor of communication” should be created which can lead to a “continental connect” to strengthen a rules-based order.
Source: The post is based on an article “How the QUAD can become more than an anti-China grouping” published in the Indian Express on 25th May 2022.
