Focus: GS II: International Relations
Why in News?
Recently, an Inter-Ministerial delegation from India led by the Department of Commerce participated in the second Indo-Pacific Economic Framework for Prosperity (IPEF) negotiating round in Bali, Indonesia from March 13-19, 2023.
Indo-Pacific Economic Framework for Prosperity (IPEF)
- The Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative that was launched by United States President Joe Biden on May 23, 2022. Here are some key facts about IPEF:
- Member States: IPEF has fourteen member states, including Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam.
- Pillars: The IPEF has four pillars that form the basis of its economic framework. These are Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), and Fair Economy (Taxation & Anticorruption) – (Pillar IV).
- Bali Round: The Bali Round was a meeting held as part of the IPEF initiative, where member states discussed various aspects of the framework. During this meeting, discussions were held on all four pillars of the IPEF. India participated in the discussions related to Pillars II to IV, which covered Supply Chains, Clean Economy, and Fair Economy (Taxation & Anticorruption).