{"id":17011,"date":"2023-11-16T09:51:33","date_gmt":"2023-11-16T04:21:33","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=17011"},"modified":"2025-04-05T01:32:58","modified_gmt":"2025-04-04T20:02:58","slug":"ipef","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/ipef\/","title":{"rendered":"Indo-Pacific Economic Framework for Prosperity (IPEF)"},"content":{"rendered":"<h2>About Indo-Pacific Economic Framework for Prosperity (IPEF)<\/h2>\n<ul>\n<li>It is a\u00a0regional arrangement\u00a0to build cooperation and\u00a0economic integration in the\u00a0Indo-Pacific region.<\/li>\n<li>It was\u00a0launched by United States President Joe Biden\u00a0on May 23, 2022.<\/li>\n<li>This framework is\u00a0intended to advance resilience, sustainability, inclusiveness,\u00a0economic growth, fairness, and competitiveness\u00a0for member economies.<\/li>\n<li>IPEF will seek to complement and\u00a0build on existing regional architecture and\u00a0support the global rules-based trading system.<\/li>\n<li>It currently\u00a0includes 14 partner countries:\u00a0Australia, Brunei Darussalam, Fiji,\u00a0India,\u00a0Indonesia,\u00a0Japan, the Republic of\u00a0Korea,\u00a0Malaysia, New Zealand, Philippines, Singapore, Thailand, the\u00a0United States, and Vietnam.<\/li>\n<li>The economic framework broadly\u00a0rests on four pillars:\n<ul>\n<li>Trade<\/li>\n<li>Supply chain resilience<\/li>\n<li>Clean Energy, Decarbonization, and\u00a0Infrastructure<\/li>\n<li>Taxes and anti-corruption measures<\/li>\n<\/ul>\n<\/li>\n<li>The IPEF is\u00a0not a Free Trade Agreement (FTA), but\u00a0allows members to negotiate the parts they want to.<\/li>\n<li>Indian and IPEF:\n<ul>\n<li>India has been\u00a0actively participating in the IPEF, but\u00a0not in all pillars.<\/li>\n<li>India has\u00a0decided to opt out of the trade pillar\u00a0of the IPEF as most issues promoted by the IPEF do not align with India&#8217;s trade policies.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is a Free Trade Agreement (FTA)?<\/h3>\n<p>A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them. Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/ipef-inks-deal-to-boost-supply-chain\/articleshow\/105245668.cms?from=mdr\" target=\"_blank\" rel=\"nofollow noopener\"><u>IPEF inks deal to boost supply chain<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indo-Pacific Economic Framework for Prosperity is a regional arrangement to build cooperation and economic integration in the Indo-Pacific region.<\/p>\n","protected":false},"author":5,"featured_media":17012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-17011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/17011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=17011"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/17011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/17012"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=17011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=17011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=17011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}