{"id":186439,"date":"2022-05-25T20:37:42","date_gmt":"2022-05-25T15:07:42","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=186439"},"modified":"2022-05-25T20:37:42","modified_gmt":"2022-05-25T15:07:42","slug":"explained-the-new-indo-pacific-bloc","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/explained-the-new-indo-pacific-bloc\/","title":{"rendered":"Explained: The new Indo-Pacific bloc"},"content":{"rendered":"\n
News<\/h5>\n

Recently, the Indo-Pacific Economic Framework was launched by United States President with 12 other countries, including India, as a member. The aim was to reclaim US’s economic leadership in East Asia and the ASEAN region without losing them to China.<\/p>\n

What is Indo-Pacific Economic Framework?<\/h5>\n\n\n\n
Read here:\u00a0Explained: What is the Indo-Pacific Economic Framework?<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The IPEF will a)<\/strong> set the rules of the road for the digital economy, b)<\/strong> ensure secure and resilient supply chains, c)<\/strong> make major investments necessary in clean energy infrastructure and the clean energy transition, d)<\/strong> raise standards for transparency, fair taxation, and anti-corruption, etc.<\/p>\n

What is the stand of India on IPEF?<\/h5>\n\n\n\n
Read here: India to join Biden\u2019s new trade initiative for Indo-Pacific region<\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
The Issue of data localisation between India and the US<\/h5>\n

India has fought with the US over the last two or three years regarding data localisation. In 2019, the government has introduced a Bill in Lok Sabha that envisages a framework for localising Indian data and the establishment of a Data Protection Authority.<\/p>\n

But the US, in its National Trade Estimate Report, said that the data localisation \u201cwill serve as significant barriers to digital trade\u201d between the two countries, and will act as \u201cmarket access barriers, especially for smaller firms\u201d.<\/p>\n

What are the issues surrounding IPEF?<\/h5>\n

Lack of clarity<\/strong>: The U.S. said that it is not a free trade agreement; nor will it discuss tariff reductions or increasing market access, raising questions about its utility. But the US did not explain what is the focus area of IPEF.<\/p>\n

Question on common ground<\/strong>:\u00a0The 13 countries are part of very different economic arrangements. This raises the question of whether there is enough common ground among the members or not.<\/p>\n

Trade relations with members of IPEF and China<\/strong>: Each of the IPEF countries has considerable trade interests in China, with most having large trade deficits.<\/p>\n

Credibility of US initiative<\/strong>: The U.S.\u2019s previous initiatives (the Blue Dot Network and the Build Back Better Initiative) have made little improvements in changing the region\u2019s infrastructural needs. Hence, the IPEF also faces a credibility challenge.<\/p>\n

Source:\u00a0<\/b>The post is based on the following articles <\/b>\u201cExplained: The new Indo-Pacific bloc” <\/b>published in\u00a0Indian Express <\/b>on 25th May 2022.<\/b><\/p>\n

\u201cCaution and clarity: On the U.S.-led Indo-Pacific Economic Framework for Prosperity” <\/b>published in\u00a0The Hindu <\/b>on 25th May 2022.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

News Recently, the Indo-Pacific Economic Framework was launched by United States President with 12 other countries, including India, as a member. The aim was to reclaim US’s economic leadership in East Asia and the ASEAN region without losing them to China. What is Indo-Pacific Economic Framework? Read here:\u00a0Explained: What is the Indo-Pacific Economic Framework? The… Continue reading Explained: The new Indo-Pacific bloc<\/span><\/a><\/p>\n","protected":false},"author":10311,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500,10498],"class_list":["post-186439","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704863842},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/186439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10311"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=186439"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/186439\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=186439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=186439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=186439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}