Indo-Pacific Economic Framework for Prosperity (IPEF)

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Overview:

Recently, an Inter-Ministerial delegation from India led by the Department of Commerce participated in the second Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating round in Bali, Indonesia from March 13-19, 2023.

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

  • Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by United States President Joe Biden 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.
  • During the Bali Round, discussions covered all four pillars of the IPEF: Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Taxation & Anticorruption) - (Pillar IV).
  • India participated in the discussions related to Pillars II to IV. 

 


Q1: What is significance of Pacific ocean?

The Pacific matters to us all, for our climate and food security. The Pacific makes up half of the Earth's Ocean, is home to more marine species than any other ocean basin on the planet, and provides 70% of the global fish catch.

Source:  India participates in the Second Indo-Pacific Economic Framework (IPEF) Negotiating Round, Bali, Indonesia, 13-19 March 2023