IPEF - INTERNATIONAL
News: India,
U.S., 12 other IPEF members ink supply chain resilience agreement
What's in the news?
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Recently, India, the U.S. and 12 other members of
the Indo-Pacific Economic Framework for Prosperity (IPEF) grouping have signed
a supply chain resilience agreement that would provide benefits such as
potential shifting of production centers in critical sectors and mitigating
risks of economic disruptions from supply chain shocks.
Indo-Pacific Economic Framework:
About:
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It is an economic initiative launched by the US
President Joe Biden on May 23, 2022.
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The framework launched
with a total of 14 participating
founding member nations in the Indo-Pacific region with an open invitation
for other countries to join.
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The IPEF members
represent 40% of the global GDP and 28%
of the world’s trade.
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Analysts have compared it
to the Trans-Pacific Partnership (TPP), which the US withdrew from in 2017.
Core pillars:
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Trade
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Supply Chains
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Clean Energy,
Decarbonization, and Infrastructure and
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Tax and Anti-Corruption