Indo-Pacific Economic Framework for Prosperity (IPEF)

Indo-Pacific Economic Framework for Prosperity (IPEF)

India attends Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting

  • 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)


Practice Question

Consider the following statements regarding Indo-Pacific Economic Framework for Prosperity (IPEF):

  1. All Quad members are members of IPEF
  2. India has joined all the four pillars of IPEF that include Trade, Supply Chains, Clean Economy and Fair Economy Pillars.

Which of the statements is/are correct?

 
 
 
 

Question 1 of 1

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