{"id":197774,"date":"2022-07-29T09:42:12","date_gmt":"2022-07-29T04:12:12","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=197774"},"modified":"2022-07-29T09:42:12","modified_gmt":"2022-07-29T04:12:12","slug":"ipef-versus-rcep","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/ipef-versus-rcep\/","title":{"rendered":"IPEF versus RCEP"},"content":{"rendered":"\n<p><strong>Source<\/strong>: The post is based on an article<strong> \u201cIPEF versus RCEP\u201d<\/strong> published in the <strong>Business Standard<\/strong> on <strong>28<sup>th<\/sup> July 2022<\/strong>.<\/p>\n<p><strong>Syllabus<\/strong>: GS 2 International Relations: Regional Grouping etc.<\/p>\n<p><strong>Relevance<\/strong>: Indo-Pacific Economic Framework (IPEF) and Regional Economic Cooperation Partnership (RCEP)<\/p>\n<p><strong>News<\/strong>: In recent months, The US announced the formation of <strong>the Indo-Pacific Economic Framework (IPEF<\/strong>) at <strong>the Quadrilateral Security Dialogue (<\/strong><strong>QUAD)<\/strong><strong> Summit<\/strong> meeting in Tokyo.<\/p>\n<p><a href=\"https:\/\/forumias.com\/blog\/indo-pacific-economic-framework-ipef\/\"><strong>About the IPEF<\/strong><\/a><\/p>\n<p><strong>Members:<\/strong> It includes the four\u00a0QUAD\u00a0countries, South Korea, New Zealand, Fiji and seven out of the 10 members of the Association of South-East Asian Nations (ASEAN).<\/p>\n<p><strong>About the <\/strong><a href=\"https:\/\/forumias.com\/blog\/regional-comprehensive-economic-partnership\/\"><strong>Regional Comprehensive Economic Partnership<\/strong><\/a><strong> (RCEP)<\/strong><\/p>\n<p>India participated in multiple rounds of RCEP discussions but chose to opt out of this grouping.<\/p>\n<h5><strong>Issues with the IPEF<\/strong><\/h5>\n<p>The <strong>major ASEAN economies<\/strong> may continue to maintain close economic ties with China while simultaneously establishing ties with the US, as they have done in the past.<\/p>\n<p>The major ASEAN economies may be averse to the IPEF because it can dilute the centrality in South-East Asia.<\/p>\n<h5><strong>What were the reasons which compelled India to join the IPEF?<\/strong><\/h5>\n<p>(1) At present global organizations like the G20 may not achieve anything of systemic significance for India. This is because the ongoing Ukraine war has created a rift between the US and West-Europe with both <strong>Russia-China. <\/strong><\/p>\n<p>(2) India is facing an ongoing<strong> military stalemate<\/strong> with China on the Indo-Sino Border.<\/p>\n<p>(3) There are other matters of continuing concern for China. \u00a0Since the 1950s, China has been making comparisons between its one-party communist China with the plurality of democratic India despite the latter\u2019s much smaller economy.<\/p>\n<p>(4) India has given shelter to \u201c<strong>His Holiness the Dalai Lama<\/strong>\u201d in India.<\/p>\n<h5><strong>What should be done?<\/strong><\/h5>\n<p>India should learn from Japan. It has taken practical steps. It has become a member of RCEP and IPEF, keeping its trading interests in mind. India too should have been a member of RCEP.<\/p>\n<p>Plurilateral groupings that are <strong>trade-related<\/strong> or <strong>strategic<\/strong> can be useful.<\/p>\n<p>However, <strong>multi-country formations<\/strong> cannot overcome failures in implementing sound policies relating to a nation\u2019s economy or defence. Therefore, reforms should be taken in this regard.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post is based on an article \u201cIPEF versus RCEP\u201d published in the Business Standard on 28th July 2022. Syllabus: GS 2 International Relations: Regional Grouping etc. Relevance: Indo-Pacific Economic Framework (IPEF) and Regional Economic Cooperation Partnership (RCEP) News: In recent months, The US announced the formation of the Indo-Pacific Economic Framework (IPEF) at&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/ipef-versus-rcep\/\">Continue reading <span class=\"screen-reader-text\">IPEF versus RCEP<\/span><\/a><\/p>\n","protected":false},"author":10320,"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":[10503,212],"class_list":["post-197774","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/197774","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\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=197774"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/197774\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=197774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=197774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=197774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}