IPEF’s supply chain resilience pact

Santhosh Kumar 17/11/2023
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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
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