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Indo-Pacific Economic Framework for Prosperity (IPEF)
Context
India has been elected as the Vice Chair of the Supply Chain Council under the Indo-Pacific Economic Framework for Prosperity (IPEF).
About Indo-Pacific Economic Framework for Prosperity (IPEF):
- Launch: May 2022 in Tokyo, Japan.
- Members: 14 countries from the Indo-Pacific region, including the USA, India, Japan, Korea, and others.
- Objective: To enhance economic cooperation, growth, stability, and prosperity among partner countries in the region.
- Key Pillars of IPEF: Trade, Supply Chain Resilience, Clean Economy, Fair Economy, Supply Chain Resilience
- Significance:
- IPEF focuses on strengthening and diversifying supply chains to make them more resilient against disruptions.
- It enhances the competitiveness of critical supply chains in the region.
- India's Role: India's election as Vice Chair of the Supply Chain Council signifies its critical role and commitment to enhancing supply chain resilience and economic cooperation in the Indo-Pacific region. This involvement aligns with India's broader economic strategy and its efforts to integrate more deeply into global supply chains.
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