India opted not part of Indo-Pacific Economic Framework for ‘National Interest’
Indo-Pacific Economic Framework (IPEF) was established jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo.
Mr. Piyush Goyal, Union Commerce and industry minister has participated in the first in-person ministerial meeting of the two-day Indo-Pacific Economic Framework (IPEF) in Los Angeles.
Union Commerce and Industry minister Piyush Goyal has met his counterparts from US, Australia, Japan and Vietnam from the side lines of Indo-Pacific Economic Framework ministerial meeting.
India has not yet committed of the trade pillar of the 14-member Indo-Pacific Economic Framework (IPEF) and will wait for further clarity on the issue.
The Indo-Pacific Economic Framework:
Launch:
The Indo-Pacific Economic framework has been launched in Tokyo on 23rd May 2022 by United States president Joe Biden.
4 Pillars of IPEF:
The Indo-Pacific Economic framework is integrated around four pillars relating to trade, supply chains, clean economy, and fair economy.
Member countries:
There are 14 members in the Indo- Pacific Economic Framework which are as follows: Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.
Purpose:
The intention behind this frame work is to strengthen economic partnership among participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the region.
Why India put out from the framework?
India has accorded with the three pillars (supply chains, clean economy, and fair economy) but it has not been cleared on the binding commitments of the trade pillar.
Thus on this vague mindset Indi opted to wait and see what are the commitments set out in further deliberations before taking any action.
India cannot give its nod on free agriculture trade till the matter is about high standards of export.
India has risen up to its own interest and it can’t be arm-twisted like other smaller countries. India will act in national interest.
Union Minister Goyal has already cleared that India will take decisions on different aspects of IPEF based on its national interest.
Anticipation about next ministerial meeting:
Gina Raimond, US secretary of commerce has stated that the next ministerial meet would be organized in the beginning of next year.
The vague commitments will be cleared at that time and other things which are not concluded in the meeting will also be deliberated.
Question & Answer:
Q1. At which place the first in person Indo-Pacific Economic Framework (IPEF) ministerial meeting was recently held?
Ans. Los Angeles, USA
Q2. Who has attended the Indo-Pacific Economic Framework (IPEF) ministerial meeting from India side?
Ans. Union Commerce and Industry minister Piyush Goyal
Q3. Which country has established Indo-Pacific Economic Framework (IPEF) in May 2022?
Ans. USA
Q4. How many member countries are there in the newly formed Indo-Pacific Economic Framework (IPEF)?
Ans. 14
Q5. How many pillars are there in the Indo-Pacific Economic Framework (IPEF)?
Ans. Four (trade, supply chains, clean economy, and fair economy)
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