Sign In
Learn bits
World Affairs
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 

More Related Current Affairs View All

18 Aug

Impact of Ethanol Blending

'E20 petrol, which contains 20% ethanol and is being sold by Indian oil refiners, has been much in the news lately. ' India has achieved its target to blend 20% ethanol per litr

Read More

18 Aug

Uttar Pradesh govt want to take over the 150-year old Krishna shrine

'The Banke Bihari Temple Trust Bill, 2025 was introduced in the Uttar Pradesh Assembly recently.' The Bill allows the formation of a board of government-appointed trustees, incl

Read More

18 Aug

Uttarakhand’s Bill against forced religious conversion

'The Uttarakhand Cabinet approved making the legal provisions against forced religious conversion more stringent in the state, including by raising the duration of jail sentences a

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps