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Mahesh

17/05/22 21:31 PM IST

Pick-and-choose Indo-Pacific economic framework

In News 
  • The United States sees India’s participation in the Indo-Pacific Economic Framework (IPEF) as “very important”.
  • Therefore, Washington is designing the framework to prioritise “flexibility and inclusion”.
  • Under this, participating countries can join IPEF without necessarily joining all the four pillars of the framework — a pick-and-choose arrangement that could make India more open to coming on board.
IEPF 
  • Announced in 2021, the IPEF aims to set regional standards for cooperation, and includes the Association of Southeast Asian Nations (ASEAN) member states.
  • The Framework is the Biden administration’s answer to questions about the United States’ economic commitment to the vital Indo-Pacific region.
  • IPEF is created to encourage regional economies to “decouple” from the Chinese market by leading them to alternative supply chains.

IPEF’s four pillars
  • Include fair and resilient trade (including digital, labour, environmental and other standards);
  • supply chain resilience;
  • infrastructure, decarbonisation and clean energy; and
  • tax and anti-corruption. 
Source- Hindustan Times 

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