On 23rd May 2022, Joe Biden, the President of the United States unveiled a discussion on the Indo-Pacific Economic Framework for Prosperity (IPEF). This discussion has been held with a dozen initial partner countries that also include India. The countries represent 40 percent of the world’s GDP.
What is the vision of the Indo-Pacific Economic Framework for Prosperity?
The IPEF framework discussion was launched with the vision of an open, free, resilient, and secure Indo-Pacific region where economic growth is inclusive and sustainable. The IPEF is also looking to strengthen economic partnerships among the countries with the aim of boosting resilience, sustainability, economic growth, inclusiveness, competitiveness, and fairness in the Indo-Pacific region. The countries that took part in this event are the ones in the Indo-Pacific region including Australia, Indonesia, Malaysia, Brunei, Japan, Thailand, New Zealand, the Republic of Korea, Singapore, the Philippines, and Vietnam.
Who participated from India?
Narendra Modi, the Indian Prime Minister participated in the IPEF discussions and highlighted that the bedrock for a strong supply chain must be 3Ts which are:
What discussions were held at this event?
The discussions saw the participation of Fumio Kishida, the Japanese PM, and the virtual presence of leaders of the other participating countries. The IPEF framework will be focusing on four key pillars with the goal of establishing commitments of the highest standards to deepen the region’s economic engagement.
What agreement was signed between India and the United States?
On 23rd May 2022, India and the United States signed an Investment Incentive Agreement (IIA). This agreement was signed to make a path for strengthening and promoting Development Finance Corporation’s (DFC) investments in India in various key sectors. This agreement was signed between Scott A. Nathan, CEO of the US International DFC, and Vinay Kwatra, India’s Foreign Secretary.