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Indo-Pacific Economic Framework (IPEF) Agreement
Context
Fourteen countries have been engaged in negotiations in Singapore over the third round of the Indo-Pacific Economic Framework (IPEF) Agreement.
What is IPEF?
- In regular trade agreements, all members prepare and exchange the negotiating texts. In IPEF, the US alone has chosen the negotiating subjects and prepared the texts. Member countries are negotiating around these.
- The IPEF was launched by US President Joe Biden in May 2022.
- Four pillars of the Framework:
- Trade
- Supply Chains
- Clean Economy
- Fair Economy
- Members: Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand, the US and Vietnam. These nations account for 40% of the world's GDP.
- The IPEF partners aim to contribute to cooperation, stability, prosperity, development, and peace within the region.
- The framework helps partners boost their economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.
- The IPEF is not just limited to economic domain and spans into international politics and security – QUAD.
Issues with India
- India is not a full member of this group yet due to differences over data and privacy.
- India and the US are in agreement over three pillars of the IPEF which includes tax, anti-corruption and clean energy.
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