{"id":186516,"date":"2022-05-26T19:00:26","date_gmt":"2022-05-26T13:30:26","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=186516"},"modified":"2023-06-09T12:55:38","modified_gmt":"2023-06-09T07:25:38","slug":"indo-pacific-economic-framework-ipef","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indo-pacific-economic-framework-ipef\/","title":{"rendered":"IPEF: Indo-Pacific Economic Framework – Explained, pointwise"},"content":{"rendered":"\n\n\n\n
For\u00a07PM Editorial<\/strong>\u00a0Archives click\u00a0HERE <\/a>\u2192<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Introduction<\/h5>\n

On May 23 2022, before the <\/span>Quad leaders\u2019 summit in Tokyo<\/b>, the United States launched the Indo-Pacific Economic Framework (IPEF). IPEF is being said to be the US’ answer to the other trade pacts in the Indo-Pacific region: the Trans Pacific Partnership (TPP) and its successor agreement, the Comprehensive and Progressive Agreement for TPP (CPTPP), and\u00a0 the Regional Comprehensive Economic Partnership (RCEP). <\/span>The US had pulled out from the TPP due to enormous domestic backlash against the low\/no tariff agreement in it and also did not join the China-led 15-country RCEP. The IPEF is being portrayed as a tool to enhance economic cooperation and establish a rule based order in the Indo-Pacific.<\/span><\/p>\n

What are the proposed dimensions of IPEF?<\/h5>\n

The proposed economic bloc has 13 members so far and more countries are expected to join. Apart from the four Quad members, IPEF includes Brunei Darussalam, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.<\/span><\/p>\n

\"Economies<\/p>\n

Source: Indian Express<\/em><\/p>\n

The framework has 4 pillars<\/span><\/p>\n

Trade<\/strong>: It will include digital economy and emerging technologies, labour commitments, environment, trade facilitation, transparency and good regulatory practices. It will also include corporate accountability, standards on cross-border data flows and data localisations.<\/span><\/p>\n

Supply Chain Resilience<\/b>: To develop ‘a first-of-its-kind supply chain agreement’ that would anticipate and prevent disruptions.<\/span><\/p>\n

Clean energy and decarbonisation<\/b>: It will include agreements on ‘high-ambition commitments’ such as renewable energy targets, carbon removal purchasing commitments, energy efficiency standards, and new measures to combat methane emissions.<\/span><\/p>\n

Tax and anti-corruption<\/b>: It includes commitments to enact and enforce ‘effective tax, anti-money laundering, anti-bribery schemes in line with [American] values’.<\/span><\/p>\n

The member countries do not plan to begin negotiations for a trade pact immediately. They only promised to launch ‘collective discussions towards future negotiations’ with the ambitious wish list.<\/span><\/p>\n\n\n\n
What is QUAD<\/b>?<\/span><\/p>\n