Context:
India attends Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting
IPEF:
- Genesis – Launched in 2022
- 14 partner countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.
- Objective – To strengthen economic engagement among partner countries to advance growth, peace and prosperity in the region.
- 4 pillars –
- Trade (Pillar I)
- Supply Chains (Pillar II)
- Clean Economy (Pillar III)
- Fair Economy (Pillar IV)
- India has joined Pillars II to IV of IPEF while it has an observer status in Pillar-I
- Significance –
- Accounts for about 40 % of the world’s GDP and 28% of the world’s trade in goods and services.
- Seen as an economic and trade strategy backed by the US to counter China’s economic influence in the region.
Source: PIB
Previous Year Question
Consider the following statements about G-20:
1. The G-20 group was originally established as a platform for the Finance Ministers and Central Bank Governors to discuss international economic and financial issues.
2. Digital public infrastructure is one of India’s G-20 priorities.
Which of the statements given above is/are correct?
[UPSC Civil Service Exam – 2023 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)
