• USA hosted the 2^nd Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting in Detroit

ABOUT INDO-PACIFIC ECONOMIC FRAMEWORK FOR PROSPERITY (IPEF)

• IPEF is a US led framework for 14 participating countries to solidify their relationships and engage in crucial economic and trade matters that concern the region.
• IPEF Member countries: The United States, India, Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
• The framework is structured around four pillars relating to Trade (Pillar I); Supply Chains (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).

Framework	Represents	India’s status
Pillar 1	Trade	Observer status
Pillar 2	Supply Chains	Joined
Pillar 3	Clean Economy	Joined
Pillar 4	Fair Economy	Joined

 

• At this meeting, negotiations under the Supply Chains (Pillar-II) were substantially concluded while good progress was reported under the other IPEF Pillars.
• Highlights
  • The proposed IPEF Supply Chain Agreement will have three new IPEF supply chain bodies to facilitate cooperation on supply chain issues.
    • The IPEF Supply Chain Council will establish a mechanism to develop sector-specific action plans for critical sectors and key goods to enhance the resilience of IPEF partner’s supply chains.
    • The IPEF Supply Chain Crisis Response Network would establish an emergency communications channel to seek support during a supply chain disruption.
    • The IPEF Labour Rights Advisory Board will consist of government, workers and employer representatives on labour rights and sustainable trade and investment.