Q. With reference to the Indo-Pacific Economic Framework (IPEF), which of the following statements is/are correct?:
1.India is a founding member of the IPEF and has been actively participating in negotiations.
2.The IPEF is designed to counter China’s economic influence in the Indo-Pacific region.
3.The IPEF is a free trade agreement that will help to ensure that all IPEF countries adhere to reduce tariffs or eliminate trade barriers.
Select the correct statements using the codes given below:
Statement 1 is correct. India is one of the 14 founding members of the IPEF, along with the United States, Japan, Australia, and several other countries in the Indo-Pacific region. India has been actively engaged in negotiations and has emphasized the importance of the IPEF as a platform for promoting economic growth and integration in the region.
Statements 2 and 3 are incorrect. The IPEF is not specifically designed to counter any one country’s economic influence, but rather to promote economic cooperation and integration among a diverse group of countries in the Indo-Pacific region.
The IPEF is not a free trade agreement, but rather a framework for economic cooperation and integration among its 14 member countries. While the IPEF seeks to promote free, fair, and open trade commitments that build upon the rules-based multilateral trading system, it does not mandate the reduction or elimination of tariffs or trade barriers among its member countries.
Source: ForumIAS
