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IPEF’s supply chain resilience pact

Santhosh Kumar 17/11/2023

IPEF’s supply chain resilience pact mind map
Why in News
India
US
12 other members
Indo-Pacific Economic Framework
Signed
Supply chain resilience agreement
Goal
Reduce dependence on China
Shift critical sectors
Shift production of key goods
To member countries
Location of signing
San Francisco
Participants
Commerce and industry minister
Piyush Goyal
IPEF ministerial meeting
About
Launch
2022
by United States
New Asia-Pacific trade initiative
Name
Indo-Pacific Economic Framework for Prosperity
Composition
14 countries
Australia
Brunei
India
Indonesia
Japan
Republic of Korea
Malaysia
New Zealand
Philippines
Singapore
Thailand
Vietnam
Fiji
United States
Global GDP
Account for 40 percent
Potential new members
Countries that could join
What would IPEF do
Nature
Not an agreement
Not a trade bloc
A framework
Traditional trade blocs comparison
No tariff negotiations
No market access easing
Programme vision
Integrate partners
Agreed standards
Key pillars
Fair and resilient trade
Supply chain resiliency
Clean energy decarbonisation
Tax and anti-corruption
Goal
Ensure regulatory coherence
Make market access contingent
Realisation of regulatory standards
Future vision
Framework for tight-knit trading nations
Structure
Four pillars
Trade
Pillar I
Supply Chains
Pillar II
Clean Economy
Pillar III
Fair Economy
Pillar IV
India's participation
Joined Pillars II to IV
Observer status
Pillar I
Significance
Part of
US "Pivot to Asia" programme
Over a decade old
Re-imagines Indo-Pacific
Geographic construct
Includes America
Quad grouping
India
Australia
Japan
US
Offer to US allies
Alternative to China’s commercial presence
Asia-Pacific region
Nature of IPEF
Non-specific
Flexible
Suits India
Strong views
Labour standards
Environmental restrictions
Fossil fuels
Data localisation
Geopolitical aspect
Counter China's trade control
Asian region

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Categories: Indo-Pacific (Countries in Indian & Pacific Ocean Region), International Organisations/Groupings/Agreements/Conventions

Tags: 17.11.2023, Newsbits

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