Indo-Pacific Economic Framework for Prosperity

• 25 May 2022

A day before the QUAD leaders' meeting in Tokyo on May 24^th, 2022, India and 12 other countries joined the Indo-Pacific Economic Framework for Prosperity (IPEF) unveiled by US President Joe Biden.

• The framework envisions a free, open and secure Indo-Pacific Region.
• The IPEF seeks to strengthen economic partnership among participating countries with the objective of enhancing sustainability, resilience, inclusiveness, economic growth, fairness and competitiveness in the Indo-Pacific region.
• President Biden announced that a dozen Indo-Pacific countries that represent 40 percent of the global GDP will join the US in a sweeping economic initiative that has been designed to counter China’s influence in the region.
• The countries include all those falling in the Indo Pacific Region including Indonesia, Australia, Brunei, Malaysia, Thailand, Japan, Republic of Korea, New Zealand, the Philippines, Singapore and Vietnam.
• Prime Minister Narendra Modi participated in the event and underlined that the foundation of resilient supply chains must be 3Ts - Trust, Transparency and Timeliness.