About Indo-Pacific Economic Framework for Prosperity (IPEF)

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Overview:

The US recently proposed that advance notices of tariff changes and export restrictions be considered by the 14 member nations of the 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. 

 


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