About Indo-Pacific Economic Framework for Prosperity (IPEF)

About Indo-Pacific Economic Framework for Prosperity (IPEF):

• It is an economic initiative launched by United States President on May 23, 2022.
• IPEF has fourteen member states: Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.
• This framework is intended to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for member economies. 
• The forum seeks to go beyond traditional free trade agreements and work on the issues of supply chains, clean energy, decarbonisation, infrastructure, and tax and anti-corruption.
• The initiative aims to contribute to cooperation, stability, prosperity, development, and peace within the Indo-Pcific region.
• This framework will offer tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. 

 

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Q1) What is the Supply Chain Resilience Initiative (SCRI)?

The Trade Ministers of India,Japan and Australia formally launched the Supply Chain Resilience initiative on 27.04.2021.The SCRI aims to create a virtuous cycle of enhancing supply chain resilience with a view to eventually attaining strong, sustainable, balanced and inclusive growth in the region.

Source: Explainer: IPEF’s advance tariff notice proposal